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Correlation
When is rank correlation more precise than simple correlation coefficient?
Rank correlation is more precise than simple correlation when the variables cannot be measured meaningfully as in the case of price, income, weight etc. Ranking may be more meaningful when the measurement of the variables are suspect. Ranking may be a better alternative to quantification of qualities.
Some More Questions From Correlation Chapter
If rxy = 0 the variable X and Y are:
Of the following three measures which can measure any type of relationship:
If precisely measured data are available the simple correlation coefficient is:
Why is r preferrred to co-variance as a measure of association?
Can r lie outside -1 and 1 range depending on the type of data?
Does correlation imply causation?
When is rank correlation more precise than simple correlation coefficient?
Does zero correlation mean independenc?
Can simple correlation coefficient measure any type of relationship?
Collect the price of five vegetables from your local market everyday for a week. Calculate their correlation coefficient. Interpret the result.
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Mock Test Series
Mock Test Series