As part of their Science Festival, a group of university undergraduate is attempting to build a multiple regression mode

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As part of their Science Festival, a group of university
undergraduate is attempting to build a multiple regression model
that could help homeowners to predict the amount spent on
electricity based on the following parameters (independent
variables):
• Number of Occupants in the house
• Floor Area of the House
• Number of Window Opening in the house
• Number of Lightings in the house
• Age of the Air-conditioner
• Average Daily Temperature
Based on 100 household data surveyed randomly from the
neighbourhood, they discovered that only these parameters are truly
significant for the multiple regression model:
• Number of Occupants in the house
• Floor Area of the House
• Number of Window Opening in the house
• Number of Lightings in the house
With that, the group submitted their project report with the
regression model equation that contains the above reduced set of
parameters.
You are the judge for the project. Discuss whether there are
other statistical analysis needs to be performed before approving
the revised result. Justify your answer with example(s) or
evidence(s).