1.Write out the regression equation. Discuss each variable. (For example do the signs of the coefficients make sense to you. For example ,what is the impact of an additional $10,000 of annual income , etc.) 2.What is the value for Coefficient of Determination? Interpret . 3.Conduct a global test on the set of independent variables. Interpret 4.Conduct a test of hypothesis on each of the independent variables. Would you consider deleting any of these variables? If so, which ones? 5.Using original equation, part a. What would be the estimated spend of a single male with annual income of $100,000?
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.
1.Write out the regression equation. Discuss each variable. (For example do the signs of the coefficients make sense to you. For example ,what is the impact of an additional $10,000 of annual income , etc.)
2.What is the value for Coefficient of Determination? Interpret .
3.Conduct a global test on the set of independent variables. Interpret
4.Conduct a test of hypothesis on each of the independent variables. Would you consider deleting any of these variables? If so, which ones?
5.Using original equation, part a. What would be the estimated spend of a single male with annual income of $100,000?
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