1. We use Microsoft EXCEL to quickly graph and compute the essential output of these techniques. What are the advantages and disadvantages of using EXCEL for regression and correlation statistical techniques? Or alternatively, is there any advice you would like to give the newbie in using this EXCEL tool?
2. Linear Regression and Correlation are two analytical techniques used to forecast the value of the dependent variable based on the independent variable and test the strength of the relationship between the two variables. With Microsoft EXCEL we can analyze a wide variety of large data sets. Discuss some real data from business, sports or personal finance that could be used in this analytical technique. Identify the independent and dependent variables in the data set. What relationship do you expect to be found between the two variables?
1. Calculations for regression and correlation statistical techniques can be highly complicated and tedious. Doing these calculations by hand can be very cumbersome, and almost practically infeasible for large problems. This is where MS Excel or any other utility can come in handy to find regression equations and/or correlation coefficients. There are inbuilt menus in Data Analysis Add-in, namely correl(.,.) and regression functionalities, that can be used very effectively in quickly and easily calculating and plotting ...
Detailed explanation of problems.