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Spearman's Rank Video Lecture | Economics Class 11 - Commerce
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58 videos|215 docs|44 tests
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FAQs on Spearman's Rank Video Lecture - Economics Class 11 - Commerce
| 1. What is Spearman's Rank correlation coefficient? |  |
Ans. Spearman's Rank correlation coefficient is a statistical measure that determines the strength and direction of the monotonic relationship between two variables. It is used when the data is not normally distributed or when the relationship is non-linear.
| 2. How is Spearman's Rank correlation coefficient calculated? | |
Ans. Spearman's Rank correlation coefficient is calculated by assigning ranks to the data points of each variable, then calculating the difference between the ranks. The coefficient is obtained by dividing the sum of the squared differences by the number of observations minus 1.
| 3. What does a Spearman's Rank correlation coefficient of 1 mean? | |
Ans. A Spearman's Rank correlation coefficient of 1 indicates a perfect monotonic relationship between the variables, where an increase in one variable is always accompanied by an increase in the other variable. This means that the ranks of the variables are perfectly aligned.
| 4. Can Spearman's Rank correlation coefficient be negative? | |
Ans. Yes, Spearman's Rank correlation coefficient can be negative. A negative value indicates a negative monotonic relationship between the variables, where an increase in one variable is accompanied by a decrease in the other variable. The ranks of the variables still follow a consistent pattern, but in the opposite direction.
| 5. When is Spearman's Rank correlation coefficient used? | |
Ans. Spearman's Rank correlation coefficient is used when the relationship between two variables is non-linear or when the data is not normally distributed. It is commonly used in social sciences, psychology, and other fields where the relationship between variables may not be linear but can still be described by a monotonic pattern.
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Dec 18, 2024 Last updated |
Video Description: Spearman's Rank for Commerce 2024 is part of Economics Class 11 preparation.
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