B Com > Business Mathematics and Statistics > Rank Correlation - Correlation & Regression, Business Mathematics & Statistics
Rank Correlation - Correlation & Regression, Business Mathematics & Statistics Video Lecture - Business Mathematics and Statistics - B Com
|
115 videos|142 docs
|
FAQs on Rank Correlation - Correlation & Regression, Business Mathematics & Statistics Video Lecture - Business Mathematics and Statistics - B Com
| 1. What is rank correlation? |  |
Rank correlation is a statistical measure used to assess the strength and direction of the relationship between the rankings of two variables. It is also known as Spearman's rank correlation coefficient and is often used when the variables being compared are ordinal or non-normally distributed.
| 2. How is rank correlation different from other correlation measures? | |
Rank correlation measures the relationship between the rankings of variables, whereas other correlation measures such as Pearson's correlation coefficient assess the linear relationship between variables. Rank correlation is more suitable for data that do not follow a normal distribution or when the relationship is not expected to be linear.
| 3. How is rank correlation calculated? | |
Rank correlation is typically calculated using Spearman's rank correlation coefficient formula. First, the ranks of each variable are determined. Then, the differences between the ranks of the corresponding pairs of observations are squared, summed, and multiplied by 6. Finally, the rank correlation coefficient is calculated as 1 minus the division of this sum by the product of the number of observations squared minus 1.
| 4. What does a positive rank correlation coefficient indicate? | |
A positive rank correlation coefficient indicates that there is a tendency for higher ranks in one variable to correspond to higher ranks in the other variable. In other words, as the rank of one variable increases, the rank of the other variable tends to increase as well. This suggests a positive relationship or association between the variables.
| 5. How do you interpret the value of a rank correlation coefficient? | |
The value of a rank correlation coefficient can range from -1 to 1. A coefficient of -1 indicates a perfect negative rank correlation, meaning that as the rank of one variable increases, the rank of the other variable decreases perfectly. A coefficient of 1 indicates a perfect positive rank correlation, where the ranks of both variables increase perfectly together. A coefficient of 0 indicates no rank correlation or a random relationship between the variables. The closer the coefficient is to -1 or 1, the stronger the rank correlation.
About this Video
|
4.96/5 Rating |
|
Arshit Thakur |
Video Description: Rank Correlation - Correlation & Regression, Business Mathematics & Statistics for B Com 2023 is part of Business Mathematics and Statistics preparation.
The notes and questions for Rank Correlation - Correlation & Regression, Business Mathematics & Statistics have been prepared according to the B Com exam syllabus.
Information about Rank Correlation - Correlation & Regression, Business Mathematics & Statistics covers all important topics for B Com 2023 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Rank Correlation - Correlation & Regression, Business Mathematics & Statistics.
Introduction of Rank Correlation - Correlation & Regression, Business Mathematics & Statistics in English is available as part of our Business Mathematics and Statistics for B Com & Rank Correlation - Correlation & Regression, Business Mathematics & Statistics in
Hindi for Business Mathematics and Statistics course. Download more important topics related with notes, lectures and mock test series for
B Com Exam by signing up for free.
Description
Video Lecture & Questions for Rank Correlation - Correlation & Regression, Business Mathematics & Statistics Video Lecture | Business Mathematics and Statistics - B Com - B Com full syllabus preparation | Free video for B Com exam to prepare for Business Mathematics and Statistics.
Information about Rank Correlation - Correlation & Regression, Business Mathematics & Statistics
Here you can find the meaning of Rank Correlation - Correlation & Regression, Business Mathematics & Statistics defined & explained in the simplest way possible.
Besides explaining types of Rank Correlation - Correlation & Regression, Business Mathematics & Statistics theory, EduRev gives you an ample number of questions to practice Rank Correlation - Correlation & Regression, Business Mathematics & Statistics tests,
examples and also practice B Com tests.
|
115 videos|142 docs
|
Up next
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Download free EduRev App
Track your progress, build streaks, highlight & save important lessons and more!
Related Searches
Extra Questions
,Objective type Questions
,Summary
,practice quizzes
,past year papers
,Rank Correlation - Correlation & Regression
,Rank Correlation - Correlation & Regression
,mock tests for examination
,Important questions
,Semester Notes
,Previous Year Questions with Solutions
,study material
,Business Mathematics & Statistics Video Lecture | Business Mathematics and Statistics - B Com
,Viva Questions
,Business Mathematics & Statistics Video Lecture | Business Mathematics and Statistics - B Com
,Rank Correlation - Correlation & Regression
,ppt
,video lectures
,MCQs
,Free
,Business Mathematics & Statistics Video Lecture | Business Mathematics and Statistics - B Com
,Sample Paper
,Exam
,shortcuts and tricks
;
Study Rank Correlation - Correlation & Regression, Business Mathematics & Statistics on the App
Students of B Com can study Rank Correlation - Correlation & Regression, Business Mathematics & Statistics alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Rank Correlation - Correlation & Regression, Business Mathematics & Statistics,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Rank Correlation - Correlation & Regression, Business Mathematics & Statistics is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup
