Businesses, scientists, and the medical community are always using correlation a
ID: 418944 • Letter: B
Question
Businesses, scientists, and the medical community are always using correlation analysis to aid in the decision- making process. Finding relationships is an important process. For instance, fast food chains would use regression to determine the labor hours needed based on a projected sales volume, while scientists and those in the medical field would use this tool to help identify patterns of cause and effect. Research and discuss a biblical passage regarding the correlation of various factors and our relationship with God
Explanation / Answer
Correlation analysis is basically referred as a comparison tool used to identify a connection between two elements affecting a change in business position. It’s used in predicting the future of a business direction where business administrators can effectively identify a correlation between the behavior of consumers and events against particular good or service thus facilitating them to take advantage of the relationship to boost business activities and profitability.
Correlation with regression analysis of how production processes in a business presently operate can lead to effectively recognizing and acknowledging efficiencies which indeed can facilitate to save money. However if pattern can effectually elucidate that use of particular element indeed drives up the production cost then the correlation analysis can lead administrators to effectively identify and implement substitute supplies which in fact can help to reduce the manufacturing expenditures.
Furthermore with regard to employee behavior if business finds that worker performance picks up with the implementation of bonus pay as incentive plan for team motivation aimed towards process improvement the correlation behavior analysis indeed can significantly help to identify that a small bonus expense in fact can facilitate towards serious production improvement.
Latest development in technology, innovation and use of computer in modern business significantly had resulted in huge amount of data and files. However companies have found that sorting this information can identify patterns otherwise not visible in isolated business functions. Thus correlating effective data relationships and correlations pertaining to data-mining indeed can facilitate business to efficiently leverage the existing information towards better administration, consumer retention and improved operations.
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