People in the aerospace industry believe the cost of a space project is a function of the mass of the major object being sent into space. Use the following data to develop a regression model to predict the cost of a space project by the mass of the space object. Determine r2 and se. Weight (tons) Cost ($ millions) 1.897 $ 53.6 3.019 184.5 0.453 6.4 0.983 23.5 1.058 33.2 2.100 110.4 2.387 104.6
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.
People in the aerospace industry believe the cost of a space project is a
|
Weight (tons)
|
Cost ($ millions)
|
|---|---|
|
1.897
|
$ 53.6 |
|
3.019
|
184.5 |
|
0.453
|
6.4 |
|
0.983
|
23.5 |
|
1.058
|
33.2 |
|
2.100
|
110.4 |
|
2.387
|
104.6 |
*(Do not round the intermediate values. Round your answers to 4 decimal places.)
**(Round the intermediate values to 4 decimal places. Round your answer to 3 decimal places.)
ŷ = enter a number rounded to 4 decimal places * + enter a number rounded to 4 decimal places * x
r2 = enter a number rounded to 3 decimal places **
se = enter a number rounded to 3 decimal places **
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
