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Description of Correlation

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What is correlation analysis? How can correlation analysis be used in a business decision or examples specifically related to strategy formulation and implementation? How can correlation analysis be misused to explain a cause and effect relationship?

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The following posting helps answer questions about correlation analysis. This solution contains over 300 words to aid you in understanding the problems.

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Problem: What is correlation analysis? How can correlation analysis be used in a business decision or examples specifically related to strategy formulation and implementation? How can correlation analysis be misused to explain a cause and effect relationship?

Solution:

Correlation analysis is a statistical tool that is used to describe the degree to which one variable is (linearly) related to another. When applied properly, it can also be used to describe cause-and-effect relationships among variables.

In business environments, correlation analysis can be used to predict the value of a ...

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