A group of businessmen are interested in determining if there is a relationship between sales and proximity of a store to a street intersection. A study was conducted to help them decide whether to rent or buy property near an intersection or far from it. A random sample of stores were selected and their average weekly sales taken and recorded as follows: Distance from street corner (meters) Sales (Pesos) 8 4000 4 3000 9 11000 3 5000 2 9000 5 6000 4 14000 7 9000 1 10000 11 15000 8 19000 9 17000 3 10000 4 14000 6 18000 1. What is the degree of relationship between the two variables? 2. If the the businessmen's decision is to be based solely on the correlation coefficient, should they rent or buy a property near or far fro a street intersection?

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Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative parameter being estimated. According to the actual definition of bias, it refers to the tendency of a statistic to overestimate or underestimate a parameter.