Statistics and Regression Flashcard

Front

What can cause a correlation between two variables even when there is no direct causal relationship?

Back

A third confounding variable influencing both

Front

What is the primary goal of linear regression?

Back

To predict the value of a dependent variable based on independent variables

Front

What does a correlation coefficient of -0.9 indicate about two variables?

Back

They are strongly negatively correlated

Front

In a linear regression model, what is the role of the independent variable?

Back

It causes the change in the dependent variable

Front

Importance of statistical data in decision-making

Back

Statistical data offers a more objective basis for decision-making

Front

When would you use linear regression over other statistical models?

Back

When you need to identify a relationship between two or more continuous variables

Front

Potential consequence of not using data appropriately in decision-making?

Back

Uninformed or biased decisions

Front

Practical application of mathematics in everyday life?

Back

Cooking using precise measurements

Front

Example of using mathematics to improve business decision-making:

Back

Using regression models to forecast sales based on market conditions

Front

What is a major reason for supporting mathematics in life and work?

Back

It provides certainty and accuracy in decision-making