The city is trying to determine future demand for their ice rink to help with staffing decisions. The city thinks that demand could be related to temperature in Fahrenheit. Below is the most recent data from the last two weeks. Ice Rink Attendance Temperature (°F) 140 45 110 40 135 50 120 40 165 45 180 45 210 50 190 45 170 40 130 45 140 45 80 35 120 45 100 45 Using Excel What is the regression equation? Use the equation to forecast ice rink attendance if temperature is 38° Is the model statistically significant at the 0.05 level? How much is the variability in ice rink attendance determined by temperature (°F)?
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.
- The city is trying to determine future demand for their ice rink to help with staffing decisions. The city thinks that demand could be related to temperature in Fahrenheit. Below is the most recent data from the last two weeks.
|
Ice Rink Attendance |
Temperature (°F) |
|
140 |
45 |
|
110 |
40 |
|
135 |
50 |
|
120 |
40 |
|
165 |
45 |
|
180 |
45 |
|
210 |
50 |
|
190 |
45 |
|
170 |
40 |
|
130 |
45 |
|
140 |
45 |
|
80 |
35 |
|
120 |
45 |
|
100 |
45 |
Using Excel
- What is the regression equation?
- Use the equation to forecast ice rink attendance if temperature is 38°
- Is the model statistically significant at the 0.05 level?
- How much is the variability in ice rink attendance determined by temperature (°F)?
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