PLEASE APPLY ANYTING YOU KNOW FROM STATISTICS 400 PROBABILITY OR HYPOTHESIS TEST

Question

PLEASE APPLY ANYTING YOU KNOW FROM STATISTICS 400 PROBABILITY OR HYPOTHESIS TESTING, CORRELATION, ANYTHING Select two topics from the course that you will apply to situations outside of the course. These may include situations you are currently working through or situations you may encounter in a future work environment. For each topic please respond to the following questions in your paper: How might you apply these topics to a current or anticipated work situation? Describe the situation and how you would apply the topic to resolve or clarify the situation. What are the potential benefits of applying this topic to your current or anticipated work environment? What are the potential drawbacks?

Explanation / Answer

We use Correlation for this problem.

And now we would answer all the questions above one by one.

1.) Correlation is used to test if there is a linear relationship between two variables. To quantify the relationship between variables, we compute correlation coefficient (r).

2.) Suppose we want to know if there is any relationship between Family income and family expenditure. So computing the correlation coefficient between these two variable i.e Family income and Family expenditure would do the task for us. And it will show if there is any relationship between the two if the value of r is close to 1.

3.) The possible benifit of Correlation is that it allows us to determine the strength of relationship i.e how strong the relationship is between the two variable family income and expenditure, and also the direction of relationship i.e if its a negative or a positive relationship.

4.) The drawback of correlation is that it only uncovers the relationship, but does not provide a conclusive reason of why there is a relationship between two variables taken.

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