1. (a) What are the measures of central location? Mention the most important characteristics of central location. Among the different measures of central location, which one do you think better and why? (b) The following table gives the distribution of weekly salary of some employees in a factory: Please use your BU student ID's last two digits (for example, 211641 15) and replace the colored digit mentioned in table by your ID's last two digits. Weekly salary (S) 100-125 # employees 97 125-150 41 150-175 29 175-200 17 200-225 11 Calculate the variance and standard deviation and make comments.
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
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