How much weight should you give to a correlation

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Regression analysis is a technique which uses a line on a scatter plot to show a relationship graphically or express it mathematically. Once a relationship is expressed in this way, you can use the relationship to make predictions. You can use regression analysis to help express the degree of confidence you have in a prediction. You may also want to know where the line should be placed if you are interested in having a fundamental understanding of the nature of the relationship between the variables that are being studied.

Correlation and regression are closely connected. As a manager, how much weight should you give to a correlation? Does a strong positive linear relationship, as shown by a regression line, imply causality? Provide rationale for your response. Relate this to your decision-making process.

Reference no: EM131118796

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How much weight should you give to a correlation : Correlation and regression are closely connected. As a manager, how much weight should you give to a correlation? Does a strong positive linear relationship, as shown by a regression line, imply causality

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Drive the decision-making process : Correlation is also used extensively by the pharmaceutical industry when studying the effect of one variable on another. In healthcare, correlation is used to drive the decision-making process.

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