The formula for pearson correlation coefficient for population of size N (written as ρ X, Y) is given as: The correlation coefficient formula helps to calculate the relationship between two variables and thus the result so obtained explains the exactness between the predicted and actual values. It establishes a relation between predicted and actual values obtained at the end of a statistical experiment. The correlation coefficient is a statistical concept. What Is the Correlation Coefficient Formula?
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Let us explore how to calculate the correlation coefficient formula for a given population or sample below. There are many types of correlation coefficients, among them, the Pearson Correlation Coefficient (PCC) is the most common one. A zero-correlation coefficient indicates that there is no correlation between both variables. A positive correlation coefficient indicates that the value of one variable depends on the other variable directly. A negative correlation coefficient indicates that the relationship between two variables is inverse. The correlation coefficient lies between -1 and 1. Correlation is measured numerically using the correlation coefficient. In other words, the correlation coefficient formula helps in calculating the correlation coefficient which measures the dependency of one variable on the other variable. In statistics, correlation is a way of establishing the relationship/association between two variables.
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