Hi, I am currently studying business statistics and finding it hard to get my he

Question

Hi, I am currently studying business statistics and finding it hard to get my head around. I am not good at maths and need help to better understand the following concepts in simple terms including their calculations. Thanks

Correlation & Regression Analysis: Identifying the dependent and independent variables, Drawing a scatter diagram, measuring the strength and direction of a linear relationship, calculating the coefficient of correlation (r) – Pearson Correlation Coefficient, interpreting the coefficient of correlation, calculating ,    and estimated regression line, interpreting the estimated regression line, drawing the regression line on the scatter diagram, calculating the coefficient of determination R2, interpreting R2, forecasting

Explanation / Answer

correlation analysis, which is used to quantify the association between two continuous variables (e.g., between an independent and a dependent variable or between two independent variables)
Regression analysis is a related technique to assess the relationship between an outcome variable and one or more risk factors or confounding variables.
The outcome variable is also called the response or dependent variable
and the risk factors and confounders are called the predictors, or explanatory or independent variables.
the dependent variable is denoted by y and independent variable is denoted by x

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