What is the principal shortcoming of scattered diagram as a method of estimating correlation?
A scattered diagram does not measure the precise extent of correlation. It gives only an approximate idea of the relationship. It is not a quantitative measure of the relationship.
The range of simple correlation coefficient is:
If rxy is positive the relation between X an Y is of the type:
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?
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