Interpret the following three sets of data using scatter chart and regression analysis, using slope , intercept, Coefficient of Determiniation (R2) , regression data (using excel), and 95% confidence interval Generate and explain the derivation of insights using regression analysis and its associated visualization. Differentiate between the signals identified by business analytics and the noise that is inherent in the system. 1. C16 (number of cars on the sales lot) versus Y: C17 (cars sold per day) C16 5 10 20 8 4 6 12 15
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.
Interpret the following three sets of data using scatter chart and
Generate and explain the derivation of insights using regression analysis and its associated visualization.
Differentiate between the signals identified by business analytics and the noise that is inherent in the system.
1. C16 (number of cars on the sales lot) versus Y: C17 (cars sold per day)
| C16 |
| 5 |
| 10 |
| 20 |
| 8 |
| 4 |
| 6 |
| 12 |
| 15 |
| C17 |
| 27 |
| 46 |
| 73 |
| 40 |
| 30 |
| 28 |
| 46 |
| 59 |
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