Product Development Correlation
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The product development team at Piggybank is wondering if there is a correlation between retail online sales and total retail sales. Use the Discussion Board to work with the peer/mentor group to calculate the correlation between online and total retail sales, and interpret the results. Share examples and insights.
Give two examples of correlation which are evaluated in a business environment and discuss the decision made by evaluating the correlation. From 4th quarter 1999 - To 4th quarter 2003 calculate correlation coefficients with Excel
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Solution Summary
The product development team at Piggybank is wondering if there is a correlation between retail online sales and total retail sales. Use the Discussion Board to work with the peer/mentor group to calculate the correlation between online and total retail sales, and interpret the results. Share examples and insights.
Give two examples of correlation which are evaluated in a business environment and discuss the decision made by evaluating the correlation. From 4th quarter 1999 - To 4th quarter 2003 calculate correlation coefficients with Excel
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The correlation coefficient is a measure that determines the degree to which two variable's movements are associated. It is calculated as:
correlation coefficient = Covariance (X, Y) / [SD (Y) * SD (X)]
correlation between retail online sales and total retail sales.
Please refer to EXCEL for calculation.
Note:
Let Y = Total Retail sales, X = Online sales.
Ym = Average of Y
Xm = Average of X
Variance(Y) = Average of [(Y-Ym)^2]
Where "^2" means to the power of 2, or ...
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