Relationship between Product Ranges Sold and Profit Made in Different Parts - Statistics Project Example

Relationship between product ranges sold and profit made in different parts In order to investigate the relationship between the variables a correlation test was done with the results being as shown in table 1. From the table it can be seen that the pair with strongest significant correlation value is the product range variable and profit with a Pearson correlation value of 0.653. This is an indication that higher profits are associated with stations with higher product range. The other pair with a significant correlation is between number of items and profit with the Pearson value of 0.592. There is no significant correlation between time in business and any other variable. Also from the table it can be seen that there is no significant correlation between number of items and product range. TABLE 1 Profit and items sold In order to investigate further the relationship between profit and items sold the two variables were modified so as to come up with profit group and items group variables. The two new variables were then used in cross tabulation and chi-square analysis with the results being as shown in table 2 and table 3. From the table it can be seen that the profit of Read More