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Created: Jun 17, 2019
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EBL4-Forbes Richest 2008
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What do you see in in the scatterplot? - No, linear pattern. I do not observe a straight line relationship. 

Calculate the correlation coefficient. - -0.095748229

Comment on the correlation coefficient - Negative, very very weak. 

Determine if the correlation is statistically significant. -0.096 < 0.205; so it is not significant. Thus there is no relationship between age and net worth. 

What lurking variables can you think of that may explain the remaining variation? Industry; as those in Tech related industries typically are younger, with higher net worth. Further data would be needed to examine if a positive relationship could be obtained.  


When removing the outliers, the 4 top four wealthiest (William Gates III, Warren Buffett, Sheldon Adelson, Lawrence Ellison), the mean dropped 1.4 Billion. Standard Deviation dropped 3.1 Billion. Median dropped 0.3. Range and Max also decreased accordingly. So by removing the top outliers, it did improve the strength of the correlations, but not enough to make it statistically significant. 

Result 1: HistogramAge-EBL4-Forbes Richest   [Info]
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Result 2: HistogramAge-EBL4-Forbes Richest   [Info]
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Result 3: Simple Linear Regression-EBL4-2-Forbes Richest   [Info]
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Result 4: BoxplotAge-EBL4-Forbes Richest   [Info]
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Result 5: Boxplot-EBL4-Forbes Richest   [Info]
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Data set 1. Forbes Richest Americans   [Info]
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