Question 16
(The following is a purely imaginary scenario)
A survey was conducted among 100 students who participated in all events at IITMs recent “Saarang” event. The students were asked to rate various aspects of their experience on a scale of “-5 to +5”, where “-5” indicates a very negative experience and “+5” indicates a very positive experience. The average student rating for each event was taken across four key parameters: “Event Ambience”, “Fairness of Event Judges”, “Event Conduct”, “Event Prize Money”. The target variable was “Event Performance” which measures the overall performance of each event. Based on the collected data, a correlation matrix as specified in Table-2 is obtained for the independent variables. With this information, answer the given sub-questions
| Pairwise Correlation Values | ||||
|---|---|---|---|---|
| Event Ambience | Fairness of Event Judges | Event Conduct | Event Prize Money | |
| Event Ambience | 1 | -0.04 | 0.49 | 0.55 |
| Fairness of Event Judges | -0.04 | 1 | -0.011 | 0.022 |
| Event Conduct | 0.49 | -0.011 | 1 | -0.51 |
| Event Prize Money | 0.55 | 0.022 | -0.51 | 1 |
Table-2
What will be the percentage increase in the standard error corresponding to the beta value of “Event Ambience”, if a multiple linear regression model where both “Event Ambience” and “Event Price Money” are used as explanatory variables to predict “Event Performance”? (Note: Enter the answer in percentage rounded to two decimal places. For example, if the answer is “1.234%”, then enter it as “1.23”)