Usefulness of correlation - correlation regression analysis, Operation Research

Assignment Help:

Usefulness of Correlation

1.Correlation  is very  useful  to economists  to study  the relationship  between  variables  like  price  and quantity  demanded. To businessmen it helps  to estimate  costs sales  price  and other related variables.

2.Some  variables show  some kind  of relationship, correlation  analysis  helps  in measuring the  degree of relationship between  the variables  like  supply  and demand  price an supply  income  and expenditure etc.

3.The relation  between variables  can be  verified and tested  fro significance with  the help of the  correlation analysis. The effect  of correlation  is to  reduce  the range  of uncertainty of our  prediction.

4. The coefficient  of correlation is a relative measure and we  can compare the  relationship  between  variables which are  expressed in different units.

5.Sampling  error can also  be calculated.

6. Correlation  is the  basis  for the  concept of regression  and ratio of variation.

 


Related Discussions:- Usefulness of correlation - correlation regression analysis

Closed loop, Write a note on tracing a closed loop. What are the characteri...

Write a note on tracing a closed loop. What are the characteristic features of a closed loop?

Linear programming., Q3. Solve the following Linear Programming Problem usi...

Q3. Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 4 X

Markov analysis, The town of Silverton, Colorado, has three gasoline statio...

The town of Silverton, Colorado, has three gasoline stations, Shell, Exxon, and Arco. Customer selection of service stations can be modeled as a Markov process, with the following

Simplex, Maximize Z = 2x - 7y subject -2x + 3y = 3 4x + 5y >= 10 6x + 7y 4...

Maximize Z = 2x - 7y subject -2x + 3y = 3 4x + 5y >= 10 6x + 7y 4x + 8y >= 5

lp-model and markov decision problem, The supply of a certain good is insp...

The supply of a certain good is inspected periodically. If an order is placed of size x >0 (integer), the ordering costs are 8+2. x. The delivery time is zero. The demand is stoc

Que, #queSix Operators are to be assigned to five jobs with the cost of ass...

#queSix Operators are to be assigned to five jobs with the cost of assignment in Rs. given in the matrix below. Determine the optimal assignment. Which operator will have no assign

Ques, Ask questb. A Company produces 150 cars. But the production rate vari...

Ask questb. A Company produces 150 cars. But the production rate varies with the distribution. Production Rate 147 148 149 150 151 152 153 Probability 0.05 0.10 0.15 0.20 0.30 0.15

Research paper, Research Paper Overview Research Topic: •    Research ...

Research Paper Overview Research Topic: •    Research the effects of federal mandates in your state.  Examples include the Americans with Disabilities Act, the No Child Left B

Simplex method of LP, MAX: 150 X1 + 250 X2 Subject to: 2 X1 + 5 X2 = 200 - ...

MAX: 150 X1 + 250 X2 Subject to: 2 X1 + 5 X2 = 200 - resource 1 3 X1 + 7 X2 = 175 - resource 2 X1, X2 = 0 2. How many units of resource 1 are cons

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd