Introduction: Quantitative Methods in Business also known as Business Statistics is a source of relief for all lovers of practical subjects. Along with Financial Accountancy this is the second subject in your Sem 1 that needs a lot of practice but is also a lot of fun to study....
METHODS OF CORRELATION- Scatter diagram method Graphic method Karl Pearson’s coefficient of correlation Rank correlation method
Significance of correlation Most of the variables show some kind of relationship like there is relationship between price and supply and income and expenditure. With the help of correlation we can find the degree of relationship between the variables. When we know the degree of relationship we can know...
Correlation analysis deals with the association between two or more variables. If two or more quantities vary in sympathy so that movements in one tend to be accompanied by corresponding movements in the other then they are said to be correlated. Thus correlation is a statistical device which helps...
Scatter diagram method- This is the simplest device for ascertaining whether two variables are related is to prepare a dot chart called scatter diagram. The given data are plotted on a graph paper in the form of dots. Merits and demerits of the method;- Merits– It is the simplest...
Linear and non linear correlation It is based upon the constancy of the ratio of change between the variables. If the amount of change in one variables tends to bear constant ratio to the amount of change in other variable then it is called linear correlation or vice versa.
Simple partial and multiple correlation This depends upon number of variable studied. When only two problems are studied then it is simple correlation. When three or more variables are studied then this is multiple or partial correlation. In multiple correlations three or more variables are studied simultaneously. In partial...
Positive or negative correlation This depend upon the direction of series. If both variable are increasing or decreasing in same direction than this is positive correlation and if they are varying in opposite directions then they are having negative correlation. If one series is increasing and other is also...
The analysis of coefficient of correlation finds the closeness of the variables but the regression analysis helps us to find out one variable as we know the other variable. The given variable is independent variable and other which has to find out is called dependent variable. Definitions– “regression is...
Difference between correlation and regression- Whereas coefficient is a measure of degree pf co variability between x and y the objective of regression is to find out the nature of relationship between the variables. Correlation is merely a tool of ascertaining the degree of relationship between two variables and...
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