Explain the importance of the correlation coefficient

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Problem: Explain the importance of the correlation coefficient in a multiple regression model. Support your reasoning with an example. Hello Professor and Classmates, The use of Correlation coefficients is to measure how strong the relationship is between two variables. Multiple linear regression analysis model is used to estimate the relationship between a dependent variable and two or more independent variables by using a straight line in the form of an equation. The primary use of correlation is to summarize the strength and direction of two or more numeric variables quickly and concisely. Regression is used to build models to predict a key response (Y) from a set of predictors (X) variables. The benefits of Correlation and Regression are that it can help businesses improve their operations and performance. For example: sales forecasting, analyzing results and developing new strategies.

Reference no: EM133540208

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