The table shows the percentage P of an employee's annual salary S, in thousands of dollars, spent on the process of recruiting and training a replacement. S = annual salary (thousands of dollars) P = percentage of salary for recruiting 20 14 30 16 40 19 60 45 70 49 a) Find the equation of the regression line. (Round regression line parameters to two decimal places.) P(S) = b) What cost does the regression line give for replacement of an employee who makes an annual salary of $50,000? (Round your answer to the nearest dollar.) $ ____
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.
| S = annual salary (thousands of dollars) |
P = percentage of salary for recruiting |
|---|---|
| 20 | 14 |
| 30 | 16 |
| 40 | 19 |
| 60 | 45 |
| 70 | 49 |
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