inches) Model 1 Model 2 Model 3 Material Available Cardstock 12 10 14 1200 Satin 24 20 15 2000 Plain fabric 40 40 30 7500 Leather 11 11 10 1000 Profit per model $50 $44 $40 P.S) Generate the Sensitivity Report for this model in
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.
Q: The Morton Supply Company produces clothing, footwear, and accessories for dancing and gymnastics. They produce three models of pointe shoes used by ballerinas to balance on the tips of their toes. The shoes are produced from four materials: cardstock, satin, plain fabric, and leather. The number of square inches of each type of material used in each model of shoe, the amount of material available, and the profit/model are shown below:
| Material (measured in square inches) | Model 1 | Model 2 | Model 3 | Material Available |
| Cardstock | 12 | 10 | 14 | 1200 |
| Satin | 24 | 20 | 15 | 2000 |
| Plain fabric | 40 | 40 | 30 | 7500 |
| Leather | 11 | 11 | 10 | 1000 |
| Profit per model | $50 | $44 | $40 |
P.S) Generate the Sensitivity Report for this model in EXCEL. Interpret, in context, the Shadow Price for the Leather and the Satin constraints. Include units in your interpretations.
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