A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Click on the datafile logo to reference the data. a. Choose the correct scatter diagram for these data with years of experience as the independent variable. B (NEED ANSWERS FOR B and C) b. Develop an estimated regression equation that can be used to predict annual sales given the years of experience. c. Use the estimated regression equation to predict annual sales for a salesperson with 9 years of experience (to the nearest whole number).
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.
A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Click on the datafile logo to reference the data.
a. Choose the correct
(NEED ANSWERS FOR B and C)
b. Develop an estimated regression equation that can be used to predict annual sales given the years of experience.
c. Use the estimated regression equation to predict annual sales for a salesperson with 9 years of experience (to the nearest whole number).
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