The accompanying table shows the percentage of employment in STEM (science, technology, engineering, and math) occupations and mean annual wage (in thousands of dollars) for 16 industries. The equation of the regression line is 1.218x + 45.915. Use these data to construct a 95% prediction interval for the mean annual wage (in thousands of dollars) when the percentage of employment in STEM occupations is 14% in the industry. Interpret this interval. A Click the icon to view the mean annual wage data. Construct a 95% prediction interval for the mean annual wage (in thousands of dollars) when the percentage of employment in STEM occupations is 14% in the industry. (Round to three decimal places as needed.) Mean Annual Wage Percentage of employment in STEM occupations, x Mean annual wage, y 11.0 62.3 16.5 74.0 1.8 51.3 10.6 49.5 8.7 53.8 1.0 45.4 23.1 71.4 7.0 67.3 1.0 45.0 33.2 78.5 16.6 79.3 2.9 36.6 4.5 53.4 1.0 51.6 1.0 39.7 8.7 56.5

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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.