The following statistics represent weekly salaries at a construction company. Mean $550 $455 First quartile Third quartile 85th percentile Median $540 $600 Mode $490 $890 The most common salary is $ The salary that half the employees' salaries surpass is $ The percent of employees' salaries that surpassed $600 is %. The percent of employees' salaries that were less than $455 is %. The percent of employees' salaries that surpassed $890 is %. If the company has 100 employees, the total weekly salary of all employees is $
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.
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