Consider the following estimated regression model relating annual salary to years of education and work experience. Estimated Salary=11,149.90+2524.17(Education)+1104.17(Experience) Suppose an employee with 12 years of education has been with the company for 11 years (note that education years are the number of years after 8th grade). According to this model, what is his estimated annual salary?
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.
Estimated Salary=11,149.90+2524.17(Education)+1104.17(Experience)
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