Name the methods used to measure correlation and also define them briefly.
Correlation helps us to find an association or the lack of it between the two variables x and y.
Measures of Correlation are:
Measures of Correlation are:
- Scatter Diagram- This is a simple diagrammatical method to establish correlation between a pair of variables.
- Karl Pearson’s Product moment correlation coefficient- This is the best method for finding correlation between two variables provided the relationship between the two variables in linear.
- Spearman’s rank correlation coefficient- For finding correlation between two qualitative characteristics, we take recourse to use rank correlation coefficient.
- Co-efficient of concurrent deviations- A very simple and casual method of finding correlation when its not serious about the magnitude of the two variables is the application of concurrent deviations.