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Analyzing Correlation Between Salary and Years with Company Using Excel

This guide outlines how to analyze the correlation between employee salaries and their years of service using Excel. It covers two methods: using the "Tools > Data Analysis" feature and the "Insert Function" option. Both methods allow you to find the correlation coefficient, which indicates the strength and direction of the relationship between the two variables. Follow each step carefully to input your data correctly and obtain the correlation output in Excel.

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Analyzing Correlation Between Salary and Years with Company Using Excel

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  1. Example: CorrelationPart 1: Use Tools > Data AnalysisPart 2: Use Insert Function fx Issue: The company wants to analyze the relationship between salary and years with the company. Objective: Use “Tools > Data Analysis” in Excel to find the correlation between salary and years with the company.

  2. Example: Correlation The Excel File

  3. Example: Correlation. First click on Tools, then Data Analysis and finally on Correlation.

  4. Example: Correlation Define ranges for Variables. Click on O.K.

  5. Example: Correlation The Excel output shows the correlation between Sales and Years with Midwest.

  6. Example: CorrelationPart 2: Use Insert Function fx Issue: The company wants to analyze the relationship between salary and years with the company. Objective: Use the Insert Function fx in Excel to find the correlation between salary and years with the company.

  7. Example: Correlation The Excel File

  8. Example: Correlation. First click on an empty cell, then Insert Function fx, then Statistical Function Category, then Correl. Click on OK

  9. Example: Correlation Specify range for each variable. Click on OK.

  10. Example: Correlation Excel shows correlation in cell that was active when Insert Function fx was selected.

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