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. While computing rank correlation coefficient between profits and investment for 10 years
of a firm, the difference in rank for a year was taken as 7 instead of 5 by mistake and the value of
rank correlation coefficient was computed as 0.80. What would be the correct value of rank
correlation coefficient after rectifying the mistake?
A) 0.33 B) 0.95 C) 0.65 D) 0.71?
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. While computing rank correlation coefficient between profits and inv...
Correcting the Rank Correlation Coefficient Calculation:
In order to determine the correct value of the rank correlation coefficient after rectifying the mistake in the calculation, we need to adjust the difference in rank for the year in question.

Original Calculation:
- Mistaken difference in rank: 7
- Computed rank correlation coefficient: 0.80

Correcting the Mistake:
- Actual difference in rank: 5
- Formula for rank correlation coefficient: 1 - (6 * Σd^2) / (n * (n^2 - 1))

Calculating the Correct Rank Correlation Coefficient:
- For the original calculation, the value of 0.80 was obtained with a difference in rank of 7.
- By adjusting the difference in rank to the correct value of 5, we can recalculate the rank correlation coefficient using the corrected formula.
- After recalculating the rank correlation coefficient with the correct difference in rank, the new value is approximately 0.95.
Therefore, the correct value of the rank correlation coefficient after rectifying the mistake is approximately 0.95. This adjustment ensures that the correlation between profits and investment for the firm over the 10-year period is accurately reflected in the calculation.
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. While computing rank correlation coefficient between profits and investment for 10 years of a firm, the difference in rank for a year was taken as 7 instead of 5 by mistake and the value of rank correlation coefficient was computed as 0.80. What would be the correct value of rank correlation coefficient after rectifying the mistake? A) 0.33 B) 0.95 C) 0.65 D) 0.71?
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. While computing rank correlation coefficient between profits and investment for 10 years of a firm, the difference in rank for a year was taken as 7 instead of 5 by mistake and the value of rank correlation coefficient was computed as 0.80. What would be the correct value of rank correlation coefficient after rectifying the mistake? A) 0.33 B) 0.95 C) 0.65 D) 0.71? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about . While computing rank correlation coefficient between profits and investment for 10 years of a firm, the difference in rank for a year was taken as 7 instead of 5 by mistake and the value of rank correlation coefficient was computed as 0.80. What would be the correct value of rank correlation coefficient after rectifying the mistake? A) 0.33 B) 0.95 C) 0.65 D) 0.71? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for . While computing rank correlation coefficient between profits and investment for 10 years of a firm, the difference in rank for a year was taken as 7 instead of 5 by mistake and the value of rank correlation coefficient was computed as 0.80. What would be the correct value of rank correlation coefficient after rectifying the mistake? A) 0.33 B) 0.95 C) 0.65 D) 0.71?.
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