2.1 Sales personnel want to further develop the model to include other variables. Merchandise Sales ($10,000s) Tickets Sold (1000s) Win or Loss (W or L) Event includes fan giveaway (Y or N) 15 54 W N 17 67 L Y 10 53 L Y 9 49 W Y 16 59 W N 14 58 L Y 12 56 W N 19 63 W Y 18 65 L Y 17 61 L Y Should you keep either or both of the variables in the model and why? What is the regression equation (only include variables that should be in the model)? What is the merchandise sales forecast for 58,000 tickets sold at a winning event that does not include a fan giveaway?
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.
2.1 Sales personnel want to further develop the model to include other variables.
|
Merchandise Sales ($10,000s) |
Tickets Sold (1000s) |
Win or Loss (W or L) |
|
|
15 |
54 |
W |
N |
|
17 |
67 |
L |
Y |
|
10 |
53 |
L |
Y |
|
9 |
49 |
W |
Y |
|
16 |
59 |
W |
N |
|
14 |
58 |
L |
Y |
|
12 |
56 |
W |
N |
|
19 |
63 |
W |
Y |
|
18 |
65 |
L |
Y |
|
17 |
61 |
L |
Y |
- Should you keep either or both of the variables in the model and why?
- What is the regression equation (only include variables that should be in the model)?
- What is the merchandise sales forecast for 58,000 tickets sold at a winning event that does not include a fan giveaway?
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