Answer to Question #254778 in Math for Zaidhan

Question

Assume you're the manager for your organization with 12 employees, each with a distinct level of expertise and a different salary. Your boss has asked you to investigate the relationship between years of experience and annual compensation, as well as how to forecast salary in the present environment based on years of experience. Identify which statistical method is applicable to resolve the problem and implement it. The table below shows the annual compensation of 12 employees based on their years of experience X Y X= X– X̴ =X- 2.66 Y= Y-Y̴ = Y- 51548.41 X² Y² XY 1.1 39343 -1.56 12205.41 2.43 1.3 46205 -1.36 5343.41 1.84 1.5 37731 -1.16 13817.41 1.34 2 43525 -0.66 8023.41 0.43 2.2 39891 -0.46 11657.41 0.21 2.9 56642 0.24 -5093.59 0.05 3 60150 0.34 -8601.59 0.11 3.2 54445 0.54 -2896.59 0.29 3.2 64445 0.54 -12896.59 0.29 3.7 57189 1.04 -5640.59 1.08 3.9 63218 1.24 -11669.59 1.53 4 55797 1.34 -4248.59 1.79 Ʃ x = 32 X̴ = 32/12 = 2.66 Ʃ Y = 618581 Y̴ = 618581/12 =51548.41 Ʃx= 0.08 Ʃx= - 0.08