Put the following steps of the model-building process in the order in which it would be statistically most appropriate to do them:
(I) Estimate model
(ii) Conduct hypothesis tests on coefficients
(iii) Remove irrelevant variables
(iv) Conduct diagnostic tests on the model residuals
A) (i) then (ii) then (iii) then (iv)
B) (i) then (iv) then (ii) then (iii)
C) (i) then (iv) then (iii) then (ii)
D) (i) then (iii) then (ii) then (iv).

Question

Quizplus · Accepted Answer

The correct order is to first estimate the model (i), then conduct diagnostic tests on the model residuals (iv), then remove irrelevant variables (iii), and finally conduct hypothesis tests on coefficients (ii).

Put the Following Steps of the Model-Building Process in the Order