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    Student query: Correlation and regression analysis

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    (a) How does correlation analysis differ from regression analysis?
    (b) What does a correlation coefficient reveal?
    (c) State the quick rule for a significant correlation and explain its limitations.
    (d) What sums are needed to calculate a correlation coefficient?
    (e) What are the two ways of testing a correlation coefficient for significance?

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    Correlation Analysis Regression Analysis
    (a) In correlation analysis, we calculate the correlation coefficient which is a measure of the degree of covariablity between X and Y
    (b) Correlation is merely a tool to ascertain the degree of relationship between X and Y. We can not assign cause and effect relationship between X and Y (a) Regression analysis is done to study the ...

    Solution Summary

    A neat and step-by-step working is provided with regards to correlation and regression analysis.