what is a statistical model
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.
what is a statistical model
A statistical model is process of applying statistical analysis to the given data set and it mathematically represents the observed data set. these models are used to interpret the data using different statistical analysis and make conclusions or decisions strategically. The statistical model identifies the relationship between the variables, make predictions about the future and display the results of data visually, so that appropriate decision can be taken by any one.
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