2 years ago

What will the error in prediction be when the absolute value of the correlation coefficient is 1?

1 answer:

7 0

0 will the error in prediction be when the absolute value of the correlation coefficient is 1.

The precise metric used in a correlation analysis to quantify the strength of the linear relationship between two variables is the correlation coefficient. In a correlation report, r stands for the coefficient.

In statistics, correlation coefficients are frequently utilized in the field of investing. They are crucial in fields including performance assessment, quantitative trading, and portfolio composition. The correlation coefficient's numerical component expresses how strong the link is. The variables are more firmly associated and the more predictable changes in one variable will be as the other variable changes the closer the number is to one, whether it is negative or positive.

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