In unit 9 we learned about two powerful statistical tests: regression analysis a

Question

In unit 9 we learned about two powerful statistical tests: regression analysis and correlation analysis.Using your own words and opinion, respond to the following questions:

If the coefficient of determination is equal to .80, what does that mean in regards to the two variables being tested?

If the p value is found to be equal to .0001, and we were using .05 significance, what does that indicate?

Discuss an original example of how regression and correlation analysis could be used by business, education, or the government.

Explanation / Answer

If the coefficient of determination is equal to .80, the two variables being tested are almost strongly linearly correlated.

Since the p-value=0.0001 <0.05,so at 5% level of significance we can conclude that there is enough evidence that the two variables being tested are almost strongly linearly correlated.

The analyst may use regression analysis to determine the actual relationship between these variables by looking at a corporation’s sales and profits over the past several years. The regression results show whether this relationship is valid.

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