Identify a situation where using correlation coefficient is appropriate. Could a regression equation be used in...

Identify a situation where using correlation coefficient is appropriate. Could a regression equation be used in the same situation? How are correlation and regression alike? How are they different?

Expert Solution

Answer;

Regression is primarily used to build models/equations to predict a key response, Y, from a set of predictor (X) variables. Correlation is fundamentally utilized to quickly and concisely summarize the direction and strength of the relationships between a set of two or more nuemeric variables.

The main difference between correlation and regression is that in correlation, you sample both estimation factors randomly from a population, while in regression you pick the estimations of the independent (X) variable.

Differences between correlation and regression:

Correlation:

Correlation gives the strong relationship between two or more variable without knowing functional relationship.
Correlation is unit less.
Correlation does not depends on choosing the variables.

Regression:

Regression shows the functional relation between one independent variable with other dependent variable.
The Regression line has same unit.
Regression gives the relation between dependent and independent variable.

orchestra answered 2 years ago

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