Year Blue Sox Wins Occupancy Rate (%) 1 75 83 70 78 3 85 86 4 91 85 5 87 89 90 93 7 87 92 8 67 91
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 manager of the Ramona Inn Hotel near Cloverleaf Stadium believes that how well the local
Blue Sox professional baseball team is playing has an impact on the occupancy rate at the
hotel during the summer months. Following are the number of victories for the Blue Sox (in a
162-game schedule) for the past 8 years and the hotel occupancy rates: Develop a linear regression model for these data and forecast the occupancy rate for next year if
the Blue Sox win 88 games
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