How to enhance life savings by spending more money

Assignment Help Basic Statistics

Reference no: EM13111300

Regression and Correlation are most used and most abused tools in research. People are rapid to jump to conclusions that if the relationship exists between two variables, then one should cause th other. There are several reasons why two variables can be associated without causality. For instance, there is strong inverse relationship between sale of ice cream and number of reported cases of flu-- does ice cream cure flu? Of course not, but more ice cream is consumed in summer, when flu is minimized, therefore there is seasonal relationship, not causal one. There is also relationship between seat belt lights turning on in airplane and existence of turbulence in flight, but lights don't cause turbulence. Give the plausible explanation for following correlations:

There is strong relationship between amount of money people spend and amount people save (in other words, people who spend more tend to save more). Does this mean which you can enhance life savings by spending more money? Describe how this correlation is true.

a) There is strong relationship between number of cops on our streets and number of reported crimes.

b) Does this mean that cops commit crimes or that criminals are more bold when cops are on streets? Describe how this correlation is true.

c) How does this apply or could apply to workplace or home?

d) How does this apply or could apply to daily use, business use, or personal use.

Reference no: EM13111300

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