Regressions & Correlation
What you'll learn
- Understand the fundamental concepts of correlation and regression in statistical analysis.
- Identify different types of correlations and their implications in various datasets.
- Calculate the Correlation Coefficient (r) to quantify the strength and direction of linear relationships.
- Create scatter plots to visualize data relationships and identify linear patterns.
- Interpret scatter plots to determine the presence or absence of correlation.
- Apply the principles of Simple Linear Regression to model the relationship between two variables.
- Analyze residuals and employ the Least Squares Method to minimize them.
- Evaluate the distinction between correlation and causation, recognizing spurious correlations.
- Illustrate examples of statistical relationships using real-world data scenarios.
- Critique misinterpretations of data relationships, emphasizing the importance of accurate analysis.
Requirements
- Basic Mathematical Skills: A foundational understanding of basic arithmetic, algebra, and mathematical concepts.
- Introduction to Statistics: Prior exposure to basic statistical concepts such as mean, median, mode, and standard deviation.
- Computer Literacy: Proficiency in using a computer for basic tasks, including file management and internet navigation.
- Data Handling Skills: Familiarity with data entry, manipulation, and basic spreadsheet functions (though no specific software, like Excel, will be required).
- Analytical Thinking: An aptitude for logical reasoning and problem-solving.
Description
Welcome to this statistics course where we unravel the complexities of statistical relationships and predictive modeling. This course is meticulously designed for those who aspire to gain a profound understanding of correlation, regression, and the vital role they play in data analysis.
We start our journey by dissecting the concept of correlation, exploring its types and implications, and emphasizing that correlation does not imply causation. Through illustrative examples like the relationship between height and weight, and ice cream sales with temperature, we make these concepts tangible. We will calculate the Correlation Coefficient (r), helping us quantify the strength and direction of linear relationships.
Delving deeper, we introduce scatter plots, a pivotal tool in visualizing data relationships. Participants will learn to create and interpret scatter plots, identifying linear patterns and understanding when there might be no correlation at all. This visual prowess sets the stage for our next big topic: regression.
Why use regression? This course answers the question by guiding students through the principles of Simple Linear Regression, modeling the relationship between two variables. We explore the concept of residuals, emphasizing the goal of minimizing these values through the Least Squares Method.
However, we don't stop at just building models. The course instills a critical understanding of why "Correlation ≠ Causation," exploring spurious correlations and highlighting the importance of not misinterpreting data relationships. Engaging examples ensure that these lessons are not just learned, but also applied.
By the end of this course, students will not only master the concepts of correlation and regression but also excel in utilizing these techniques for statistical analysis and predictive modeling. Join us to embark on this enlightening journey and transform your understanding of data relationships and the art of prediction.
Who this course is for:
- Data Analysts: Professionals who analyze data and need a stronger grasp of correlation and regression techniques to enhance their analyses.
- Business Professionals: Individuals in business roles such as marketing, finance, and operations who use data to inform decision-making and strategy.
- Students: Learners in higher education pursuing degrees in fields such as data science, economics, psychology, sociology, and other disciplines where data analysis is essential.
- Anyone Interested in Data Analysis: Individuals with a curiosity about data and its applications, seeking to acquire practical skills in understanding and interpreting statistical relationships.
Instructor
- 4.4 Instructor Rating
- 57,161 Reviews
- 966,287 Students
- 163 Courses
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.