Using 1964 as the origin obtain as straight line trend equation y=ax + b by the method of least squares Year 1960 1962 1963 1964 1965 1966 1969 Value 140 144 160 152 168 176 180 Find the trend value of the missing year 1961?
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.
Using 1964 as the origin obtain as straight line trend equation y=ax + b by the method of least squares
|
Year |
1960 |
1962 |
1963 |
1964 |
1965 |
1966 |
1969 |
|
Value |
140 |
144 |
160 |
152 |
168 |
176 |
180 |
Find the trend value of the missing year 1961?
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