The percentage of employees who cease their employment during a year is referred to as employee turnover, and it is a serious issue for businesses. The following table shows the cost, in millions of dollars, to a certain company for a given employee turnover percentage in a year. E = employee turnover 10 20 30 40 C = cost 250 390 530 670 (a) Show that the data can be modeled by a linear function. a) For each increase in employee turnover by ten percent the cost increases by _________ million dollars.
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 percentage of employees who cease their employment during a year is referred to as employee turnover, and it is a serious issue for businesses. The following table shows the cost, in millions of dollars, to a certain company for a given employee turnover percentage in a year. E = employee turnover 10 20 30 40 C = cost 250 390 530 670 (a) Show that the data can be modeled by a linear function.
a) For each increase in employee turnover by ten percent the cost increases by _________ million dollars.
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