Reply to the next in a minimal of 175 phrases:
Fashions assist us describe and summarize relationships between variables. Understanding how course of variables relate to one another helps companies predict and enhance efficiency. For instance, a advertising supervisor is perhaps interested by modeling the connection between commercial expenditures and gross sales revenues.
Think about the dataset under and reply to the questions that observe:
Commercial ($’000) Gross sales ($’000)
1068 4489
1026 5611
767 3290
885 4113
1156 4883
1146 5425
892 4414
938 5506
769 3346
677 3673
1184 6542
1009 5088
Assemble a scatter plot with this knowledge.
Do you observe a relationship between each variables?
Use Excel to suit a linear regression line to the information. What’s the fitted regression mannequin? (Trace: You possibly can observe the steps outlined on web page 497 of the textbook.)
What’s the slope? What does the slope inform us?Is the slope important?
What’s the intercept? Is it significant?
What’s the worth of the regression coefficient,r? What’s the worth of the coefficient of dedication, r^2? What does r^2 inform us?
Use the mannequin to foretell gross sales and the enterprise spends $950,000 in commercial. Does the mannequin underestimates or overestimates ales?
(1) Clarify the distinction between correlation and trigger and impact. Give examples to elucidate every idea.
(2) Clarify the distinction between easy linear regression and a number of regression. Give examples to elucidate every idea.
(three) What does a scatter plot inform us? What does a scatter plot not in a position to inform us? How do you identify scatter plot is perhaps useful in visualizing the general end result?
(four) Why do you suppose that regression evaluation is used extra within the office extra usually than trigger and impact?
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