What is the purpose of using correlation analysis? How might correlation analysis be used in business decisions or in strategy formulation and implementation?
Correlation analysis is an important; tool in any business. The purpose of using correlation analysis is for the researcher to determine the relationship between two variables. When a researcher wants to find the relationship of the two variables within their business, they will use correlation analysis to see if there is common ground on the sales or trends involving their business. The researcher needs to find the correlation analysis that they would use to predict the trends and changes that are associated with the variables in question. There needs to be some correlation analysis to determine the variables. The company wants to find the variables involving the spike or decline in sales and trends of the company.
The correlation analysis; the business or company can see the results and make healthy decisions based on the information that they have found. By using mathematical equations throughout the business world using, the right; mathematical equations can allow the business to look at the budgets for the quarter or year.
Correlation analysis can be used in a variety of ways by anyone with an understanding of statistics. To inform the business of what needs to the company can do to keep things moving within their company. Anyone can come up with the same conclusion by using the correlation analysis; the company can succeed in doing business and keep up with the sales and trends near their company. When the researcher finds the wrong correlation analysis for the company, it could mean a disastrous effect on the business with a loss in sales or trends. However, this could mean more costs than the company is willing to dish out. More research would need doing to find the right; correlation analysis for the company before deciding the results of the findings.
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It was a discussion question in college…