Rewrite the regression model to include coefficients from your regression analysis output and then answer the following question What would be the company's loss if the significant variable(s) change per unit
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.
Rewrite the regression model to include coefficients from your
What would be the company's loss if the significant variable(s) change per unit?
| SUMMARY OUTPUT | ||||||||
| Regression Statistics | ||||||||
| Multiple R | 0.93082 | |||||||
| R Square | 0.866425 | |||||||
| Adjusted R Square | 0.85833 | |||||||
| Standard Error | 4108.993 | |||||||
| Observations | 36 | |||||||
| ANOVA | ||||||||
| df | SS | MS | F | Significance F | ||||
| Regression | 2 | 3.61E+09 | 1.81E+09 | 107.0261 | 3.75E-15 | |||
| Residual | 33 | 5.57E+08 | 16883824 | |||||
| Total | 35 | 4.17E+09 | ||||||
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | Lower 95.0% | Upper 95.0% | |
| Intercept | 3996.678 | 6603.651 | 0.605223 | 0.549171 | -9438.55 | 17431.91 | -9438.55 | 17431.91 |
| X Variable 1 | 43.5364 | 3.589484 | 12.12887 | 1.05E-13 | 36.23354 | 50.83926 | 36.23354 | 50.83926 |
| X Variable 2 | 883.6179 | 82.25141 | 10.74289 | 2.61E-12 | 716.2762 | 1050.96 | 716.2762 | 1050.96 |
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