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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.
3. A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y pape
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What are the basic 5 elements of modeling process
Disadvantage of standard Deviation It is not easy to understand and calculate. It gives more weight to the extremes and less to the items nearer to mean. Since
Types of Correlation 1. Positive Correlation : When the values of two variables move in the same direction .e. when an increase in the values of one variables is ass
Which model is described as a rule of thumb
retail outlet x y volume A 6 9 80
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USE SIMPLE METHOD TO SOLVE THE FOLLOWING LPP MAXIMISE Z=4X1+10X2 SUBJECT TO CONSTRAINS, 2X1+X2 2X1+5X2 2X1+3X2 X1, X2>0
STANDARA DEVIATION Standard deviation is the square root of the arithmetic average of squares of all the deviations from the mean. In short it may be defined as th
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