The table below shows the amounts of crude oil (in thousands of barrels per day) produced by a country and the amounts of crude oil (in thousands of barrels per day) imported by a country, for the last seven years. Construct and interpret a 95% prediction interval for the amount of crude oil imported by the this country when the amount of crude oil produced by the country is 5,509 thousand barrels per day. The equation of the regression line is ModifyingAbove .y=−1.137x+15,912.199. Oil produced, x 5,830 5,704 5,645 5,405 5,159 5,053 5,028 Oil imported, y 9,300 9,117 9,628 10,062 10,119 10,159 10,013
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.
|
Oil produced, x
|
5,830
|
5,704
|
5,645
|
5,405
|
5,159
|
5,053
|
5,028
|
|
|---|---|---|---|---|---|---|---|---|
|
Oil imported, y
|
9,300
|
9,117
|
9,628
|
10,062
|
10,119
|
10,159
|
10,013
|
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