Directions: Use the JMP output to answer questions. Assume that an updated dataset of the real estate data has been released for 2015. 1 Analysis of Variance Sum of Source DF Squares Mean Square F Ratio
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.
![Directions: Use the JMP output to answer questions. Assume that an updated dataset of the real estate data has
been released for 2015.
1 Analysis of Variance
Sum of
Source
DF
Squares Mean Square
F Ratio
Model
2
158974.08
79487.0
21.2682
Error
7
26161.52
3737.4 Prob > F
C. Total
9.
185135.60
0.0011*
Parameter Estimates
Term
Estimate Std Error t Ratio Prob> |t|
Intercept
-86.15055 51.85546
-1.66
0.1406
Condition 14.394592
13.51309
1.07
0.3221
Size
8.3542777
2.464496
3.39
0.0116*
1. What is the least squares equation for this data?
2. Calculate the coefficient of determination.
3. Construct and Interpret a 90% confidence interval for the standard deviation of selling price for homes
of any fixed size and condition.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0259c9da-a893-42a4-9aeb-f2e84d3b7404%2F273aad46-9ce5-4f1e-b2b7-ce163e067a53%2F79r9fv_processed.png&w=3840&q=75)
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