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

Cost accounting, difference between financial statement and annual report ....

difference between financial statement and annual report .

Cost inventory, how do I find the cost of inventory?

how do I find the cost of inventory?

Determine the correct interpretations - confidence interval, Which of the f...

Which of the following statements are correct interpretations of a 95% confidence interval for μ? (a) 95% of the observations in the sample will be contained in the confidence i

Profit margin (return on sales), Hugh Snore Bedding, Inc. has assets of $40...

Hugh Snore Bedding, Inc. has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12%. What is its profit margin (return on sales)?

Definition of bonded warehouse, Bonded warehouse is a storage area under Cu...

Bonded warehouse is a storage area under Customs authority that is imported dutiable goods on which duty is unpaid and these are stored. Once the duty & other charges are paid the

Estimate the probability , The Video Club Martin rents movies at "regular p...

The Video Club Martin rents movies at "regular price" andat  "half price". Usually if the films are regularly priced one day, they will be at regular price the next day with probab

Quantitative techniques, How can we apply matrix algebra in various decisio...

How can we apply matrix algebra in various decision models in business and management?

IFRS, I am currently doing a report on IRFS and have to identify the the is...

I am currently doing a report on IRFS and have to identify the the issues involved with businesses adopting IRFS

Probability mass function, how p(x)=hyper geometric distribution is probabi...

how p(x)=hyper geometric distribution is probability mass function

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