Jobs and productivity! How do retail stores rate? One way to answer this question is to examine annual profits per employee. The following data give annual profits per employee (in units of 1 thousand dollars per employee) for companies in retail sales. Assume σ ≈ 5.5 thousand dollars. 3.5 6.5 3.5 8.6 7.5 6.0 8.5 6.5 −1.4 4.2 2.6 5.9 (a) Find x for the preceding data. (Round your answer to two decimal places.) thousand dollars per employee (b) Let us say that the preceding data are representative of the entire sector of retail sales companies. Find an 80% confidence interval for μ, the average annual profit per employee for retail sales. (Round your answers to two decimal places.) lower limit thousand dollars upper limit thousand dollars (c) Find an 95% confidence interval for μ, the average annual profit per employee for retail sales. (Round your answers to two decimal places.) lower limit thousand dollars upper limit thousand dollars
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.
Jobs and productivity! How do retail stores rate? One way to answer this question is to examine annual profits per employee. The following data give annual profits per employee (in units of 1 thousand dollars per employee) for companies in retail sales. Assume σ ≈ 5.5 thousand dollars.
|
3.5
|
6.5
|
3.5
|
8.6
|
7.5
|
6.0
|
8.5
|
6.5
|
−1.4
|
4.2
|
2.6
|
5.9
|
thousand dollars per employee
(b) Let us say that the preceding data are representative of the entire sector of retail sales companies. Find an 80% confidence interval for μ, the average annual profit per employee for retail sales. (Round your answers to two decimal places.)
| lower limit | thousand dollars |
| upper limit | thousand dollars |
(c) Find an 95% confidence interval for μ, the average annual profit per employee for retail sales. (Round your answers to two decimal places.)
| lower limit | thousand dollars |
| upper limit | thousand dollars |
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