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We must be careful when interpreting the meaning of association. Although two variables may be associated, this association does not imply that variation in the independent variable is a cause of variation in the dependent variable (or vice versa). For instance, age and income are usually related. However, a mere increase in age does not cause an increase in income. We can determine the presence or absence of association through statistics. However, there is no basis for concluding that a cause-effect relation exists between these variables.
Simple Linear Regression While correlation analysis determines the degree to which the variables are related, regression analysis develops the relationship between the var
Lorenz Curve It is a graphic method of measuring dispersion. This curve was devised by Dr. Max o Lorenz a famous statistician. He used this technique for wealth it i
Regression line drawn as Y=C+1075x, when x was 2, and y was 239, given that y intercept was 11. calculate the residual
Disadvantages The value of mode cannot always be determined. In some cases we may have a bimodal series. It is not capable of algebraic manipulations. For example, from t
Define sampling unit and population for selecting a random sample in every case. a) 100 voters from a constituency b) 20 stocks of National Stock Exchange c) 50 account ho
Significance of Correlation The study of correlation is of immense use in practical life. Correlation analysis contributes to the understanding of economic behavior, aids in lo
Perform clustering of the unlabeled data set. You could use provided initial centroids set or generate your own. Also there could be considered next stopping criteria : - maxim
Ask question #Minimum The data in the accompanying table give the weights? (in g) of randomly selected quarters that were minted after 1964. The quarters are supposed to have a med
A study was designed to investigate the effects of two variables - (1) a student's level of mathematical anxiety and (2) teaching method - on a student's achievement in a mathemati
Discriminant analysis (DA) helps to determine which variables discriminate between two or more naturally occurring groups. Mathematically equivalent to MANOVA, it ' is extensively
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