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BUAN 6337 EXAM 1 Questions with Correct Answer1
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BUAN 6337 EXAM 1 Questions with Correct Answer1
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BUAN 6337 EXAM 1 Questions with Correct AnswersLR Assumption - Error Independence Correct Answer-All e are
independent and not correlated with any independent variable X
LR Assumption - Error Distribution Correct Answer-All e follow a
normal identical distribution with zero mean and standard deviation
sigma e
Signs of multicollinearity between dependent variables Correct Answer-
Large estimated variances, t-test says that coeff is zero, incorrect signs,
Results of multicollinearity Correct Answer-Dropped variables that may
be significant despite t-test saying otherwise
Multicollinearity detection methods Correct Answer-Pairwise
correlation for independent variables, VIF, principal components
Multicollinearity Fixes Correct Answer-Collect more data, drop one or
more variables, use PCA to create non-collinear variables that capture
most of variance in original variables
Heteroscedasticity detection Correct Answer-Plot residuals, White's test
Heteroscedasticity fixes Correct Answer-Transform y variables, robust
SE, include additional independent variable terms to explain variance
, Unnormally distributed error tests Correct Answer-Plot residuals,
SW/KW tests, check for outliers
Unnormal distributed error fixes Correct Answer-Transform y variable
Nominal Correct Answer-Each value is a distinct category
Ordinal Correct Answer-Can be ordered low to high
Interval Correct Answer-Relative difference between values is
meaningful
Ratio Correct Answer-Absolute value is meaningful
Chi Square Test Correct Answer-Independence of categorical variables
Test of Proportions for Independent Samples Correct Answer-
Proportions are equal or not
One sided Test of Proportions Correct Answer-Use only when there is
prior reason to believe one proportion smaller than the other
Pearson Test of Correlation Correct Answer-Two Variables are linearly
independent
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