The National Safety Council released the following data on the incidence rates for fata or lost-worktime injuries per 100 employees for eight industries in three recent years. Compute the covariance between each pair of years (2018 and 2019), (2018 and 2020) and (2019 and 2020). Compute the coefficient of correlation (r) for each pair of years and determine which years are most highly correlated.
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.
The National Safety Council released the following data on the incidence rates for fata or lost-worktime injuries per 100 employees for eight industries in three recent years.
- Compute the
covariance between each pair of years (2018 and 2019), (2018 and 2020) and (2019 and 2020). - Compute the coefficient of
correlation (r) for each pair of years and determine which years are most highly correlated.
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