A sales firm receives an average of three calls per hour on its toll-free number. Suppose you were asked to find the probability that it will receive at least three calls, in a given hour: (a) (i) which distribution does this scenario fit and why? (ii) define the variable of interest, Х. (iii) what are the possible values of X? (b) What is the probability that in a given hour it will receive at least three calls?
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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