Provide at least five real life examples where legislation and daily life choices have been driven by what could be defined basically as rooted in statistical correlations and regression analyses.
I hope the examples will help you to understand the topic. Thanks!
We are always estimating the expenditures of the future with respect to our sources of income. There is a relationship between income and expenditure; it is true that if our income is increasing, the expenditure is also increasing. So, we are using correlation analyses to see the direction of income and expenditure, and we are always estimating our future expenditures based on our income, and then plan accordingly.
A company is offering the local owners the option to decide their own prices, as per their local market conditions. So, this helps them to attract more customers, and will lead for more profit as the company's ...
This solution will provide you the read life uses of correlation and regression analysis in our day to day life. Best 5 examples are provided in the solution for better clarity and understanding of the correlation and regression.