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

Arden''s Theorem, Find the Regular Grammar for the following Regular Expres...

Find the Regular Grammar for the following Regular Expression: a(a+b)*(ab*+ba*)b.

2 step equations, What is a two step equation that equals 8 ?

What is a two step equation that equals 8 ?

Help, Two sessions of swimming lessons were held at a pool. In the first se...

Two sessions of swimming lessons were held at a pool. In the first session 40 students attended. Of these 40 students 60% were girls. How many girls attended the first session of s

Find the external surface area, A shuttlecock used for playing badminton ha...

A shuttlecock used for playing badminton has the shape of a frustum of a Cone mounted on a hemisphere.  The external diameters of the frustum are 5 cm and 2 cm, and the height of t

Factoring quadratic polynomials, Primary, note that quadratic is another te...

Primary, note that quadratic is another term for second degree polynomial. Thus we know that the largest exponent into a quadratic polynomial will be a2. In these problems we will

What are the three sides of a right triangle, What are the Three Sides of a...

What are the Three Sides of a Right Triangle? Each side of a right triangle can be labeled opposite, adjacent, or hypotenuse, based on its relationship to the right angle and o

Divison, what is 24 diveded by 3

what is 24 diveded by 3

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