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CORRELATION
Correlation is the study of the liner relationship between two variable when there is a relationship of quantitative measures between two set of variable the appropriate statistical tool for measuring the relationship and expressing each in a precise way is known as correlation. For example there is a relationship between the heights and weights of persons demand and prices of commodities etc.
According to W.I. King Correlation means that between two series or groups of data there exists some relationship connections.
According to croxton and Cowden" The appropriate statistical tool for discovering and measuring the relationship of quantitative nature and expressing it in brief formula is known as correlation.
The coefficient of correlation measures the degree of relationship between two set of figures. As the reliability of estimates depend upon the closeness of the relationship it is imperative that utmost care be taken while interpreting the value of coefficient of correlation otherwise fallacious conclusion can be draw.
Explian scope and concept of Operations research?
Operations research is used by manager in making business decisions. What are five each of its merit and demerit that the users need to be aware of?
Determination of effectiveness Measures: Effectiveness measure is a measure of success of a model in representing a problem and providing a solution. It is the connecting link
A producer of furniture manufactures two products - tables and chairs. Processing of these products is done on two machines A and B. A chair needs 2 hours on machine A and 6 hours
Operation research is only a Tool of Analysis and Not the Complete Decision making Process: It should always be kept in mind that O. R alone cannot make the final decision . it
Demerits a.It cannot be used in the case of bi variate distribution. b.If the numbers of items are greater than say 30, the calculation becomes tedious and requ
Usefulness of Correlation 1.Correlation is very useful to economists to study the relationship between variables like price and quantity demanded. To businessmen it
Operation Research may be regarded as a tool which is utilized to increase the effectiveness of the management decisions. O R is objective supplement to the subjective feeling
This methods studies development from simpler forms through a long series of a small change. Each change by itself results in minor modification in the phenomenon but the
Scope of the OR techniques can be derived in followings various importance fields: 1. In Agriculture : With the explosion of population and consequent shortage of food O
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