Correlation and regression, Mathematics

Assignment Help:

Correlation and Regression

Correlation

CORRELATION is an important statistical concept which refers to association or interrelationship among variables.

The reasons of studying correlation is for one to be capable to establish a relationship, plan and control the inputs as independent variables and the output as dependent variables

In business one may be interested to establish whether there exists a relationship among the

i.   Amount of fertilizer applied on a described farm and the resulting harvest

ii.  Amount of experience one has and the corresponding performance/presentation

iii.  Amount of money spent on advertisement and the expected incomes after sale of the goods or service

There are two methods which measure the degree of correlation among two variables these are denoted by R and r.

(a) Coefficient of correlation denoted by r, this gives a measure of the strength of association among two variables one the dependent variable the other the independent variable r can range between -1 and +1 for perfect positive correlation and perfect negative correlation respectively along with zero indicating no relation that is for perfect positive correlation y increase linearly along with x increment.

(b) Rank correlation coefficient denoted by R is utilized to measure association among two sets of ranked or ordered data.  R can also vary from +1, perfect positive rank correlation and -1 perfect negative rank correlation whereas O or any type of number near zero representing no correlation.


Related Discussions:- Correlation and regression

Dot product - vector, Dot Product- Vector The other topic for discu...

Dot Product- Vector The other topic for discussion is that of the dot product.  Let us jump right into the definition of dot product. There is given that the two vectors a

What is the probability that the dart will land in the shade, In the adjoin...

In the adjoining figure a dart is thrown at the dart board and lands in the interior of the circle. What is the probability that the dart will land in the shaded region. A

Math, A screening test for a newly discovered disease is being evaluated. I...

A screening test for a newly discovered disease is being evaluated. In order to determine the effectiveness of the new test, it was administered to 900 workers; 150 of the individu

Determine the inverse transform, Determine the inverse transform of each of...

Determine the inverse transform of each of the subsequent. (a)    F(s) = (6/s) - (1/(s - 8)) + (4 /(s -3)) (b)   H(s) = (19/(s+2)) - (1/(3s - 5))  + (7/s 2 ) (c)    F(s) =

Trigonometry, show that, sin 90 degree = 2 cos 45 degree sin 45 degree

show that, sin 90 degree = 2 cos 45 degree sin 45 degree

Fractions, what is the lowest term of 11/121

what is the lowest term of 11/121

How much, If one acre costs $2500 how much does .39 of an acre cost

If one acre costs $2500 how much does .39 of an acre cost?

Polynomials in two variables, Polynomials in two variables Let's take a...

Polynomials in two variables Let's take a look at polynomials in two variables.  Polynomials in two variables are algebraic expressions containing terms in the form ax n y m

Write 3.5 × 104 in decimal notation, Write 3.5 × 104 in decimal notation? ...

Write 3.5 × 104 in decimal notation? Move the decimal point 4 places to the right to get 35,000.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd