Correlation Coefficient Regression Equation
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An area of concern for the committee is that pay rates are linked in large measure to seniority. The committee realizes the relationship can't be perfect, other factors such as merit and contribution to the company are also used to determine pay. The committee thinks if there is a strong relationship that could be used to induce people to stay.
a. Draw the scatter graph and label the axes.
b. What is the correlation coefficient? Would you describe the relationship as weak, moderate, strong; positive or negative?
c. Determine the regression equation.
d. Use the regression equation to predict the salary for an executive who has been with the company for 14 years.
e. Draw regression line on graph
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Solution Summary
This solution provides guidelines on drawing a scatter graph, and determining the correlation coefficient and regression equation.
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