Using the Excel file Weddings, apply the Regression tool using the wedding cost as the dependent variable and attendance as the independent variable. What is the regression model? Interpret all key regression results, hypothesis tests, and confidence intervals in the output. If a couple is planning a wedding for 175 guests, how much should they budget? Weddings
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 the Excel file Weddings, apply the Regression tool using the wedding cost as the dependent variable and attendance as the independent variable.
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What is the regression model?
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Interpret all key regression results, hypothesis tests, and confidence intervals in the output.
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If a couple is planning a wedding for 175 guests, how much should they budget?
| Weddings | |||||
| Couple's Income | Bride's age | Payor | Wedding cost | Attendance | Value Rating |
| $130,000 | 22 | Bride's Parents | $60,700.00 | 300 | 3 |
| $157,000 | 23 | Bride's Parents | $52,000.00 | 350 | 1 |
| $98,000 | 27 | Bride & Groom | $47,000.00 | 150 | 3 |
| $72,000 | 29 | Bride & Groom | $42,000.00 | 200 | 5 |
| $86,000 | 25 | Bride's Parents | $34,000.00 | 250 | 3 |
| $90,000 | 28 | Bride & Groom | $30,500.00 | 150 | 3 |
| $43,000 | 19 | Bride & Groom | $30,000.00 | 250 | 3 |
| $100,000 | 30 | Bride & Groom | $30,000.00 | 300 | 3 |
| $65,000 | 24 | Bride's Parents | $28,000.00 | 250 | 3 |
| $78,000 | 35 | Bride & Groom | $26,000.00 | 200 | 5 |
| $73,000 | 25 | Bride's Parents | $25,000.00 | 150 | 5 |
| $75,000 | 27 | Bride & Groom | $24,000.00 | 200 | 5 |
| $64,000 | 25 | Bride's Parents | $24,000.00 | 200 | 1 |
| $67,000 | 27 | Groom's Parents | $22,000.00 | 200 | 5 |
| $75,000 | 25 | Bride's Parents | $20,000.00 | 200 | 5 |
| $67,000 | 30 | Bride's Parents | $20,000.00 | 200 | 5 |
| $62,000 | 21 | Groom's Parents | $20,000.00 | 100 | 1 |
| $75,000 | 19 | Bride's Parents | $19,000.00 | 150 | 3 |
| $52,000 | 23 | Bride's Parents | $19,000.00 | 200 | 1 |
| $64,000 | 22 | Bride's Parents | $18,000.00 | 150 | 1 |
| $55,000 | 28 | Bride's Parents | $16,000.00 | 100 | 5 |
| $53,000 | 31 | Bride & Groom | $14,000.00 | 100 | 1 |
| $62,000 | 24 | Bride's Parents | $13,000.00 | 150 | 1 |
| $40,000 | 26 | Bride's Parents | $7,000.00 | 50 | 3 |
| $45,000 | 32 | Bride & Groom | $5,000.00 | 50 | 5 |
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