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What is correlation?

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1.What is correlation? What are the different types of correlation? Why is it important to determine correlation?

2. How is the strength of a correlation determined?

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Solution Summary

Facts about correlation are rendered. How the strength of a correlation is determined is provided.

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1. What is correlation? What are the different types of correlation? Why is it important to determine correlation?

Correlation is a measure of association between two variables. The variables are not designated as dependent or independent. The two most popular correlation coefficients are: Spearman's correlation coefficient and Pearson's product-moment correlation coefficient.
When calculating a correlation coefficient for ordinal data, select Spearman's technique. For interval or ratio-type data, use Pearson's technique.
The value of a correlation coefficient can vary from ...

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