The topic for this week is Inferential Statistics including the Chi-Square, Correlation and Regression as well...

The topic for this week is Inferential Statistics including the Chi-Square, Correlation and Regression as well as Time Series Analysis. Correlation and Regression are used in basic modeling where we forecast the value of a dependent variable based on the value of an independent variable. You may want to review the lecture entitled Correlation and Regression posted in this week’s discussion stream.

Be sure to use the Excel charting to construct a Scatterplot of two of the variables shown in the attached dataset. Once you have the Scatterplot, add the Trendline, Regression Equation and R² following the directions discussed in the lecture. It may be instructive to identify (country) the outlier data points displayed on the Scatterplot. Discuss the meaning of the Regression Equation in terms of the independent and dependent variables. Discuss the strength of the Correlation between the Variables and the proportion of Variation Explained by the Regression Equation. Does your Linear Regression model help to understand the trend in the data? Pick any two variables and please include the chart

Worldwide	9,003,042	469,220
United States	2,324,956	121,766
Brazil	1,086,990	50,659
Russia	592,280	8,206
India	425,282	13,699
United Kingdom	305,289	42,647
Peru	254,936	8,045
Chile	246,963	4,502
Spain	246,272	28,322
Italy	238,499	34,634
Iran	207,525	9,742
Germany	191,576	8,961

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