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The relationship between two or multiple variables will be measured using correlation analysis. The measurement that you carry out would be called a correlation coefficient or correlation index. This is a technique that is widely used to measure the relationships between different variables and their closeness. If a small or major change in a variable would change another variable, then these two variables are said to be correlated.
There are different types of correlations. A few of them include:
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Graphical method: There is a pictorial illustration that is used as a key method to calculate the correlation. There are two different graphical methods that are used. These include - a scatter diagram and the other is a simple graph. The correlation that is calculated using the graphical method is not precise. This is similar to the other methods that are used to find out the relationship between two variables that have the same linear relationship. This graphical method is helpful to find correlations between linear, non-linear, and curve linear variables. This is done by marking the variable on the graph and with the help of a scatter diagram.
Mathematical method: There are three different types of mathematical methods. These include - Karl Pearson's coefficient of correlation method, spearman’s coefficient of correlation method, and the last is the concurrent deviations method. This is the best and most popular method that is used to measure the correlation between one or more variables. This is used to find the relationship between linear variables. The best definition for it is the ratio of covariance between two different variables of the same product to the product that has standard deviations of two variables.
Correlation would be used in a wide range of applications. Few of them include the following:
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|Scatter Diagram or Scattergram||Simple Graph or Graphic Method|
|Karl Pearson’s Coefficient of Correlation Method or Karl Pearson’s Method||Spearman’s Coefficient of Correlation Method|
|Concurrent Deviations Method||Positive Correlation|
|Negative Correlation||Linear Correlation|
|Non-Linear Correlation||Simple, Partial, and Multiple Correlation|
|REGRESSION ANALYSIS||STANDARD ERROR OF ESTIMATE|
|Multiple Regression/correlation as a general Data-Analytic System||Bivariate Correlation and Regression|
|Multiple Regression/Correlation: Two or More Independent Variables||Power Analysis|
|Sets of Independent Variables||THE REPRESENTATION OF INFORMATION IN INDEPENDENT VARIABLES|
|Quantitative Scale||Orthogonal Polynomials|
|Nonlinear Transformations||The Analysis of Covariance and Its Multiple Regression/Correlation Generalization|
|Repeated Measurement and Matched Subjects Designs||Multiple Regression/Correlation and Multivariate Methods|