The following data give the experience (in years) and monthly salaries (in hundreds of pesos) of nine randomly selected secretaries. Experience 14 3 5 6 4 9 18 5 16 Monthly salary 42 24 33 31 29 39 47 30 43 Find the least squares regression line with experience as an independent variable and monthly salary as a dependent variable.
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 following data give the experience (in years) and monthly salaries (in hundreds of pesos) of nine randomly selected secretaries. Experience 14 3 5 6 4 9 18 5 16 Monthly salary 42 24 33 31 29 39 47 30 43 Find the least squares regression line with experience as an independent variable and monthly salary as a dependent variable.
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