A sales manager wants to examine the relationship between the number of daily customers (x) and the revenue generated (y). For this purpose, he made observations in a randomly chosen 6 days for a store and observed the number of daily customers and the revenue (1000 TL). The personally created data set for the x and y variables is included in the attached “Homework data” file. Using the data set defined on your behalf; x1 x2 x3 x4 x5 x6 y1 y2 y3 y4 y5 y6 sb1 Burak data 74 86 96 105 110 124 290 307 331 406 421 481 0.491 d) Establish and interpret the 95% confidence interval for β1.
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.
A sales manager wants to examine the relationship between the number of daily customers (x) and the revenue generated (y). For this purpose, he made observations in a randomly chosen 6 days for a store and observed the number of daily customers and the revenue (1000 TL). The personally created data set for the x and y variables is included in the attached “Homework data” file. Using the data set defined on your behalf;
x1 x2 x3 x4 x5 x6 y1 y2 y3 y4 y5 y6 sb1
Burak data 74 86 96 105 110 124 290 307 331 406 421 481 0.491
d) Establish and interpret the 95% confidence interval for β1.
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