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Business Statistics - Term Paper Example

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The author of this paper entitled "Business Statistics" touches upon the issue of business statistics. According to the text, correlation and regression have applications in various fields and business management is no exception…
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Business Statistics
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Download file to see previous pages It is imperative to note that there might be extra variables which cause movement in the observed variables and these are not taken into account when analyzing the correlation between the two variables.It is imperative to note that there might be extra variables which cause movement in the observed variables and these are not taken into account when analyzing the correlation between the two variables.Correlation establishes the association between two variables, whereas regression is to establish a numerical connection between the two variables. In other words, correlation answers the questions if two variables X and Y are related whereas regression gives the numerical connection between them.a) Straight Line Regression: The regression line is of the form: Y = a + b X, where Y is the dependent variable X is the independent variable a represents the y- intercept, i.e., the value of Y when X is equal to zero b represents the slope of the regression line indicating the sensitivity of Y to changes in Xb) Least Squares Method: The regression line can be estimated based on the Least Squares Method. The method is based on the concept that the best regression line is the line which is at a minimum distance possible from all the data points) The regression line gives the relationship between the two variables in the form of an equation.d) The least squares method gives us the equation of the line of best fit. It is, however, essential to estimate the reliability or ‘goodness of fit’ of this regression equation) The coefficient of determination is the square of the value of R (R2). The coefficient of determination is expressed as a percentage. In case R is +1 or -1, the R2 value is 1 indicating a perfect fit or a 100 % fit.  ...Download file to see next pagesRead More
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