Explain correlation coefficient, Basic Statistics

Assignment Help:

Q. Explain Correlation Coefficient?

Ans.

The strength of a linear correlation is determined by how precisely the y variable shifts as the x variable increases. The two pictures on the right show data with a higher correlation than those on the left.

1619_Explain Correlation Coefficient.png

Data is said to have a perfect correlation if all points lie exactly along a line.

259_Explain Correlation Coefficient1.gif

The correlation coefficient, r, is a measure of the strength of the correlation. It is a number between 1 and +1. +1 indicates a perfect positive correlation and 1 indicated a perfect negative correlation. If r is positive, then there is a positive correlation between the two variables. If r is negative, there is a negative correlation between the variables.


Related Discussions:- Explain correlation coefficient

Do you think the change towards ifrs is a good idea, Do you think the chang...

Do you think the change towards IFRS is a good idea? Manager 1: This change is definitely going to be a very positive change. There are no doubt a lot of advantages that IFRS

Karl Pearsons, ). Calculate Karl Pearson’s coefficient of correlation from...

). Calculate Karl Pearson’s coefficient of correlation from the following data , using 20 as the working mean for price and 70 as the working mean for demand: Price: 14 16 17 18 1

Exercises problem solving, a manufacturer claims that 60% of beer drinkers ...

a manufacturer claims that 60% of beer drinkers perfer his beer. A query with 30 beer drinkers selected at random showed that 16 of them prefer this brand.(a.)Does the evidence sup

Sigma notation, Given the following pairs of random variables and comput...

Given the following pairs of random variables and compute the following sums. (NB: show your working table). 3 -7 2 10 6 11 10 12 15 14 (b) (c) (d) ?¦?2y

Correlation matrix, A. Complete the correlation matrix table. B. Which vari...

A. Complete the correlation matrix table. B. Which variable (s) has the highest correlation coeffieient which is not a perfect correlation? C. Which variable (s) has the lowest cor

What do you mean by purchase return, What do you mean by Purchase Return? G...

What do you mean by Purchase Return? Give an example. Ans.  Sometime the goods an organization orders are not up to the mark and they are not supposed to keep or accept so th

Mode, things to be investigate in mode

things to be investigate in mode

Index number, Why index numbers serve as economic barometers?

Why index numbers serve as economic barometers?

Regression, y=c+1075x, when x was 2, and y was 239, given that y intercept ...

y=c+1075x, when x was 2, and y was 239, given that y intercept was 11. Calculate the residual

Characteristics of data in statistics, Important Characteristics of Data ...

Important Characteristics of Data Center - The representative or average value which indicates where the middle of the data is located.   Variation - the measur

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