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Page 1 LOGO CORRELATION ANALYSIS Page 2 LOGO CORRELATION ANALYSIS Introduction ?Correlation a LINEAR association between two random variables ?Correlation analysis show us how to determine both the nature and strength of relationship between two variables ?When variables are dependent on time correlation is applied ?Correlation lies between +1 to -1 Page 3 LOGO CORRELATION ANALYSIS Introduction ?Correlation a LINEAR association between two random variables ?Correlation analysis show us how to determine both the nature and strength of relationship between two variables ?When variables are dependent on time correlation is applied ?Correlation lies between +1 to -1 ?A zero correlation indicates that there is no relationship between the variables ?A correlation of –1 indicates a perfect negative correlation ?A correlation of +1 indicates a perfect positive correlation Page 4 LOGO CORRELATION ANALYSIS Introduction ?Correlation a LINEAR association between two random variables ?Correlation analysis show us how to determine both the nature and strength of relationship between two variables ?When variables are dependent on time correlation is applied ?Correlation lies between +1 to -1 ?A zero correlation indicates that there is no relationship between the variables ?A correlation of –1 indicates a perfect negative correlation ?A correlation of +1 indicates a perfect positive correlation Types of Correlation ?There are three types of correlation Types Type 1 Type 2 Type 3 Page 5 LOGO CORRELATION ANALYSIS Introduction ?Correlation a LINEAR association between two random variables ?Correlation analysis show us how to determine both the nature and strength of relationship between two variables ?When variables are dependent on time correlation is applied ?Correlation lies between +1 to -1 ?A zero correlation indicates that there is no relationship between the variables ?A correlation of –1 indicates a perfect negative correlation ?A correlation of +1 indicates a perfect positive correlation Types of Correlation ?There are three types of correlation Types Type 1 Type 2 Type 3 Type1 Positive Negative No Perfect ?If two related variables are such that when one increases (decreases), the other also increases (decreases). ?If two variables are such that when one increases (decreases), the other decreases (increases) ?If both the variables are independentRead More
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FAQs on PPT - Correlation - Applied Mathematics for Class 11 - Commerce
| 1. What is correlation in commerce? |  |
Ans. Correlation in commerce refers to the statistical relationship between two or more variables in the business or economic context. It measures the degree to which changes in one variable correspond to changes in another variable. A positive correlation indicates that the variables move in the same direction, while a negative correlation indicates they move in opposite directions.
| 2. How is correlation used in commerce? | |
Ans. Correlation is used in commerce to analyze and understand the relationship between various business variables. It helps businesses determine how changes in one variable may impact another variable, allowing them to make informed decisions. For example, correlation analysis can be used to understand the impact of advertising expenditure on sales, or the relationship between price and demand for a product.
| 3. What is the significance of correlation in commerce? | |
Ans. Correlation is significant in commerce as it provides insights into the relationships between different variables. By studying correlations, businesses can identify patterns and trends, anticipate market behavior, and make strategic decisions based on data-driven analysis. It helps in risk management, resource allocation, pricing strategies, and forecasting future business outcomes.
| 4. How is correlation coefficient calculated in commerce? | |
Ans. The correlation coefficient, denoted by "r," is a statistical measure used to quantify the strength and direction of the relationship between two variables in commerce. It ranges from -1 to +1, where -1 represents a perfect negative correlation, +1 represents a perfect positive correlation, and 0 represents no correlation. The correlation coefficient is calculated using statistical formulas and techniques such as covariance and standard deviation.
| 5. Can correlation in commerce imply causation? | |
Ans. No, correlation in commerce does not imply causation. While a correlation may exist between two variables, it does not necessarily mean that one variable causes the other. Correlation only indicates a relationship or association between variables, but it does not determine the cause-and-effect relationship. It is important to conduct further analysis and consider other factors before establishing causation in commerce.
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