Application of correlation. Write a mathematical scenario to describe each of the scatter plots.
Correlation is used to find the linear relationship between two numerically expressed variables.
,No of policyholders and the event of happening of a claim.,As the number of policyholders increase,the chances of concerned event occurring also increases. This is used by insurance companies.....
Whenwe look at scatterplot, we should be able to describe the association we see between the variables.
A quick description of the association in a scatterplot should always include a description of the form direction ,strength of the association, along with the presence of any outliers.......
Note-if there is any understanding problem regarding this please feel free to ask via comment box..thank you
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