Your consulting company was appointed by sports regulatory organization to build the model which related attendance over season for sports teams to all the different factors that affect attendance. They wanted to employ this model to measure expansion opportunities, to see whether the cities being proposed were likely to support good attendance. You run about a gazillion regression models with 60 or 70 independent variables, and find that only one independent variable is significant -- the number of games out of first place the team finished last year. The R-squared is not great -- just under .45.
Was this study just a failure? Why or why not?