The results of a multiple regression analysis, using Minitab, follow. Analysis of Variance Source Regression Residual Error DF SS MS 3 3050 1016.67 26 2200 84.62 Total 29 5250 Predictor Coefficient SE Coefficient Constant 14.00 7.00 2.00 X1 -1.00 0.70 -1.43 X2 30.00 5.20 5.77 X3 0.20 0.08 2.50 a. What are the estimated sales for the Bryne store, which has four competitors, a reglonal population of 0.4 (400,000), and an advertising expense of 30 ($30,000)? b. Compute the R? value. c. Compute the multiple standard error of estimate. d. Conduct a global test of hypothesis to determine whether any of the regression coefficients are not equal to zero. Use the .05 level of significance. e. Conduct tests of hypothesis to determine which of the Independent variables have significant regression coefficients. Which varlables would you consider eliminating? Use the .05 significance level.
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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