Round 2 Lecture 4

Question 1

Correlation Analysis:

Answer 1

A statistical technique used to measure the linear relationship between two or more rating or ratio-scaled variables (continuous variables)

Question 2

Hypothesis Test

Answer 2

 Focus on the slope
- Ho: There is no relationship between sales and price
(βprice=0)
- Ha: There is a relationship between sales and price
(βprice≠0)
 What does the p-value tell us?

Question 3

Multiple Regression Analysis

Answer 3

Y=β0 +β1X1 +β2 X2 +β3 X3
 Multiple independent variables
 Interpretation of regression coefficients

Question 4

When to use Logistic Regression?

Answer 4

Logistic regression “…is similar to a linear regression model but is suited to models where the dependent variable is discrete/categorical”.

Question 5

Method to use for continuous

Answer 5

Linear Regression (just covered in our class)

Question 6

Method to use for Discrete (dichotomous)

Answer 6

Logistic Regression (Binary Logistic)

Question 7

Method to use for Discrete (multichotomous)

Answer 7

Logistic Regression (multinomial Logistic)