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

Generate samples for each distribution, Generate 1000 samples for each of t...

Generate 1000 samples for each of the following continuous random variables: (a). Exponential distribution with λ = 1.2 and λ = 2.1 (b). Normal distribution with μ = 3.1, σ

How audit works , A methodical selection of the adequate, qualified evident...

A methodical selection of the adequate, qualified evidential issue needed to verify the equity of management''s claims in the fiscal reports or to assess whether management has wis

Federal income tax, Federal income tax Another part of paycheck account...

Federal income tax Another part of paycheck accounting involves the staff's got earnings tax. A company is necessary to hold the got earnings tax that and personnel are expecte

Ch 7 , .A study of long term phone calls made from general electricss corpo...

.A study of long term phone calls made from general electricss corporate headquarters in fairfeild, conneticuit, revealed the length of the calls, in minutes follows the normal pro

Correlation and Regression, WHAT IS THE RELATIONSHIP BETWEEN REGRESSION COE...

WHAT IS THE RELATIONSHIP BETWEEN REGRESSION COEFFICIENT BYX BXY AND CORRELATION COEFFICIENT R?

Recruitment process process map, What are the steps in a recruitment proces...

What are the steps in a recruitment process and who are responsible for each step?

What is managerial accounting system, Define the Management or Managerial A...

Define the Management or Managerial Accounting System. Ans.  As the name suggest management or managerial accounting system refers to the Management of the firm or company,

Lpp, A paper mill produces two grades of paper viz., X and Y. Because of ra...

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 paper i

Managerial, Kody Corporation uses a job-order costing system with a plantwi...

Kody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:

Cost accounting, Significant discussion has occurred in the literature on m...

Significant discussion has occurred in the literature on making management accounting more relevant to the current business environment, which is dominated by discussions of global

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