Define and provide one example:
- Correlation coefficient
- Dispersion diagram (scatter plot diagram)
- Use the video-sharing website YouTube to search for the concepts: “Excel – Simple Linear Regression”. Watch one of the videos and practice utilizing the compiled data from Workshop Two (sport’s team revenues). Determine if there is a correlation between the two variables (team value and team revenue). Create a Scatter Plot to visualize if there is in fact a relationship. Generate a brief written report with your conclusions.
- Compile the following data, in an Excel spreadsheet:
Average Life Expectancy of the United States population and Average Income of the United States population for the last fifteen years (15) and using the Regression Analysis tool from Excel Data Analysis: (a) find the linear equation, (b) using ANOVA and hypothesis testing determine if the variables are related.