The sales from company ABC for the years 1998 - 2003 are given below. Year 1998 1999 2000 2001 2002 2003 Profits in millions of dollars 51.4 53.2 55.8 56.1 58.1 59.0 Rescale the data so that x = 0 corresponds to 1998. Write an exponential regression model using this data. a) y=50.8317(1.0145)x b) y=51.8595⋅x1.0278 c) y=50.8317⋅x1.0145 d) y=51.8595(1.0278)x e) y=51.8595(1.0145)x
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 sales from company ABC for the years 1998 - 2003 are given below.
| Year | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 |
| Profits in millions of dollars | 51.4 | 53.2 | 55.8 | 56.1 | 58.1 | 59.0 |
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