Provide an example of how you could utilize correlation anal

Provide an example of how you could utilize correlation analysis for either a personal project or work related project.

What you would identify as the dependent variable (Y) and the independent variable (X)?

What you hypothesize might be the relationship between your X and Y variables?

How you would go about collecting your data?

What other variables (i.e., other Xs) that might impact your dependent variable?  

What you think may be some of the benefits of correlation analysis vs. some of the deficiencies?

Here is an example:

My correlation analysis concerns weight loss. My independent variable (X) is the hours of exercise, my dependent variable (Y) is number of pounds lost. My hypothesis is that as I increase the hours of exercise per week, the number of pounds will decrease, hence, I expect that there will be a negative relationship. I would collect my data by charting out an entire year broken down into weeks. I would track how many hours of exercise I had accomplished per week and also track the number of pounds lost or gained that week. Other variables that may impact my dependent variable (weight loss) would be: my diet (what am I eating?), genetic history (is my family prone to weight gain?), etc.

Solution

example of a Correlation Analysis concerns VOlume of Saless. My independent variable (X) is the number of times commercial aired, my dependent variable (Y) is the volume of sales. My hypothesis is that as I increase the number of commercials per week, the volume of sales will increase, hence, I expect that there will be a positive relationship. I would collect my data by charting out an entire year broken down into weeks. I would track how many commercials had accomplished per week and also track the volume of sales that week. Other variables that may impact my dependent variable would be: the commercials of other competetors ,the market trend, etc.