years Xi bonus Yi XiYi Xi2 4 5.7 22.8 16 2 3.5 7 4 7.4 10.1 74.74 54.76 5 9 45 25 2 2.7 5.4 4 12 12 144 144 Question 24 Are years of service and annual bonuses related? The annual bonuses of 6 randomly selected employees (measured in “thousands of dollars”) along their their respective years of service for the company. Suppose we estimate a linear regression using the Ordinary Least Squares technique of the form: Bonusi = b0 + b1(yearsi) where the subscript i indicates the ith employee The data is reproduced above for this experiment. Please calculate the standard error of the estimate, or s, for the regression
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.
|
years Xi |
bonus Yi |
XiYi |
Xi2 |
|
4 |
5.7 |
22.8 |
16 |
|
2 |
3.5 |
7 |
4 |
|
7.4 |
10.1 |
74.74 |
54.76 |
|
5 |
9 |
45 |
25 |
|
2 |
2.7 |
5.4 |
4 |
|
12 |
12 |
144 |
144
|
Question 24 Are years of service and annual bonuses related? The annual bonuses of 6 randomly selected employees (measured in “thousands of dollars”) along their their respective years of service for the company. Suppose we estimate a linear regression using the Ordinary Least Squares technique of the form:
Bonusi = b0 + b1(yearsi)
where the subscript i indicates the ith employee
The data is reproduced above for this experiment. Please calculate the standard error of the estimate, or s, for the regression
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
