Provide an informal explanation for why informative priors reduce overfitting. [2marks]

Perform multiple regression on the relationship between hospital costs and patient age, risk factors, and patient satisfaction scores, and then generate a prediction to support this health care decision. Write a 3-4 page analysis of the results in a Word document and insert the test results into this document. Introduction Note: You are strongly encouraged to complete the assessments in this course in the order they are presented.Regression is an important statistical technique for determining the relationship between an outcome (dependent variable) and predictors (independent variables). Multiple regression evaluates the relative predictive contribution of each independent variable on a dependent variable. The regression model can then be used for predicting an outcome at various levels of the independent variables. For this assessment, you will perform multiple regression and generate a prediction to support a health care decision.Overview & Preparation Download the Assessment 3 Dataset [XLSX]. The dataset contains the following variables: cost? (hospital cost in dollars)?. age (patient age in years)?. risk (count of patient risk factors). satisfaction (patient satisfaction score percentile rank)?. Instructions Hospital administration needs to make a decision on the amount of reimbursement required to cover expected costs for next year. For this assessment, using information on hospital discharges from last year, perform multiple regression on the relationship between hospital costs and patient age, risk factors, and patient satisfaction scores, and then generate a prediction to support this health care decision. Write a 3–4 page analysis of the results in a Word document and insert the test results into this document (copied from the output file and pasted into a Word document). Refer to Copy From Excel to Another Office Program for instructions.Submit both the Word document and the Excel file that shows the results.Grading Criteria The numbered assessment instructions outlined below correspond to the grading criteria in the Predicting an Outcome Using Regression Models Scoring Guide, so be sure to address each point. You may also want to review the performance-level descriptions for each criterion to see how your work will be assessed. Perform the appropriate multiple regression using a dataset. Interpret the statistical significance and effect size of the regression coefficients of a data analysis. Interpret p-value and beta values. Interpret the fit of the regression model for prediction of a data analysis. Interpret R-squared and goodness of fit. Apply the statistical results of the multiple regression of a data analysis to support a health care decision. Generate a prediction with regression equation. Write a narrative summary of the results that includes practical, administration-related implications of the multiple regression.