Respond to the following in a minimum of 175 words:
Models help us describe and summarize relationships between variables. Understanding how process variables relate to each other helps businesses predict and improve performance. For example, a marketing manager might be interested in modeling the relationship between advertisement expenditures and sales revenues.
Consider the dataset below and respond to the questions that follow:
Advertisement ($’000) Sales ($’000)
1068 4489
1026 5611
767 3290
885 4113
1156 4883
1146 5425
892 4414
938 5506
769 3346
677 3673
1184 6542
1009 5088
(1) Explain the difference between correlation and cause and effect. Give examples to explain each concept.
(2) Explain the difference between simple linear regression and multiple regression. Give examples to explain each concept.
(3) What does a scatter plot tell us? What does a scatter plot not able to tell us? How do you determine that a scatter plot might be helpful in visualizing the overall outcome?
(4) Why do you think that regression analysis is used more in the workplace more often than cause and effect?
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