Question

You use a line best fit for a set of data to make a prediction about an unknown value. The correlation coefficient for your data set is -0.015. How confident can you be that your predicted value will be reasonably close to the actual value?

Answer 1

As, given correlation coefficient for your data set is= -0.015

It means there is weak relation between two variables.If value of correlation coefficient is near to 1 or -1, it shows there is strong correlation.

Negative correlation means, if one quantity is increasing other is decreasing.So, the value of -0.015 shows that there is very less correlation between x and y values or two values in data set.

So, the chances are very less that predicted value will be reasonably close to the actual value as the points will be far from line of best fit.

Answer 2

The correlation can range from -1 to 1, with 0 being no correlation at all. so in this case, -.015 is very close to 0, you would be not confident at all. This means your prediction is no better than a random guess.