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Please assist in evaluating the statement below in 16 sentences. “Parameter estimates are tested for statistical...

Please assist in evaluating the statement below in 16 sentences.

“Parameter estimates are tested for statistical significance in order to make sure the estimates are accurate.”  Evaluate this statement.

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In regression analysis, we evaluate the parameters estimates of the equation using the sample data. There is one dependent variable and one or many independent variables depending whether we are taking bi-variate regression analysis or multi variable regression analysis. To check whether the independent variables are significant in determining the dependent variable of the regression analysis,various statistical test are done, for instance, Z test, t test etc to check the significance of these variables. If they are significant then they are kept in the equation and if not, then they are not important in determining dependent variable and are dropped from the analysis. Thus, parameters estimates are tested for statistical significance in order to make sure the estimates are accurate.

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