Determine if there is a significant correlation between the number of days since a sales campaign started, whether it is a weekday or weekend, and the sales at a particular store. Copy and paste information from the ESP Excel sheet, including the p-value and summarize your results. Days after
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.
Determine if there is a significant
|
Days after sales campaign |
Weekday (Monday to Thursday) = 0 Weekend (Friday to Sunday) = 1 |
Post-sales campaign |
|
1 |
0 |
$7,000 |
|
2 |
0 |
$7,500 |
|
3 |
0 |
$8,000 |
|
4 |
0 |
$8,500 |
|
5 |
1 |
$8,500 |
|
6 |
1 |
$7,500 |
|
7 |
1 |
$8,000 |
|
8 |
0 |
$8,500 |
|
9 |
0 |
$9,000 |
|
10 |
0 |
$9,500 |
|
11 |
0 |
$10,000 |
|
12 |
1 |
$11,000 |
|
13 |
1 |
$11,500 |
|
14 |
1 |
$12,000 |
a. Is the model significant?
b. What is the adjusted coefficient of determination and what does it mean for this problem?
c. What is the slope between the first independent variable and the dependent variable of the regression equation? Is it significant? If so, what does it mean about this problem?
d. What is the slope between the second independent variable and the dependent variable of the regression equation? Is it significant? If so, what does it mean about this problem?
e. Predict a value for the sales on a weekday for day 15.
f. Get a 95% prediction interval.
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