Define a scatterplot and its purpose, how trendlines are used in a scatterplot|Course hero helper
Posted: January 23rd, 2023
Prior to beginning work on this discussion forum, read Chapter 2: Describing the Distribution of a Variable and Chapter 3: Finding Relationships Among Variables, focusing particularly on Sections 3-4a and 3-4b of the chapter. This section introduces you to a summary measure called a scatter plot. Also, review Problem 23 in Chapter 3.
After reviewing Section 3-4 in your textbook, reflect on the methods and examples provided for finding relationships among numeric variables.
In the first part of your initial post,
Define a scatterplot and its purpose, how trendlines are used in a scatterplot, and why it is important to understand correlation and covariance in 50 words or less.
Explain if your organization or an organization where you have worked has used a scatterplot and what outcomes were achieved in 25 words or less.
Next, look at Problem 23 in the course text. It provides a scenario based on midterm and final exam scores for 96 students in a corporate finance course. Please view this data and scatter plot.
In the second part of your initial post, using Problem 23, answer the following questions:
Do the student’s scores for the two exams tend to go together, so that those who do poorly on the midterm tend to do poorly on the final, and those who do well on the midterm tend to do well on the final?
After reviewing the scatterplot, what interpretations can you make about the linear relationship? What predictions can you make from the scatterplot? Finally, do you consider this a valuable tool to help organizations see trends and make future forecasts and predictions?
SOLUTION
A scatterplot is a type of graph that is used to display the relationship between two numerical variables. It is a way to visualize the data points, which are represented as dots or markers on the graph, with one variable plotted on the x-axis and the other variable plotted on the y-axis. The purpose of a scatterplot is to identify patterns or trends in the data, such as whether there is a positive or negative correlation between the two variables.
A trendline, also known as a line of best fit, is a line that is plotted on a scatterplot to show the overall pattern or trend in the data. The line is usually drawn so that it comes as close as possible to all of the data points, and its slope indicates the direction and strength of the relationship between the variables. Trendlines can be useful for making predictions about future data points or for identifying outliers in the data.
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