Define a correlation and provide an example

Correlation and Causality

Watch the “Correlation and Causality” video.

Define a correlation and provide an example

Define causality?

Explain if correlation causes causality.

Provide evidence with an example.

Learning Activity: Using Time Series to Analyze Business Trends

Watch the “Using Time Series to Analyze Business Trends” video.

• Identify the four components of time series.

• Provide an example of each component and how it might be used in business

Explain if this data becomes obsolete over time.

 DQ2 Forecasting

Discuss the following:

• Explain what you have learned throughout this course with probability and how you think that will affect your forecasting decisions in your current or future company.

• Predict how you will use probability in your current or future company?

DQ3 Linear Regression

Resource: Case Study 12.1 in Chapter 12 of Essentials of Business Statistics.

Click the Sushi Restaurant Data Set link.

Calculate the linear regression in item 1 of the case study.

Discuss the following:

• Explain if simple regression or multiple regression is more appropriate for making predictions in this case.

• Predict what will happen to sales based on unemployment rate and the level of advertising

• Justify your predictions.