Question

Application of correlation. Write a mathematical scenario to describe each of the scatter plots.

Application of correlation. Write a mathematical scenario to describe each of the scatter plots.

Math   Statistics-And-Probability   
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Answer #1

Correlation is used to find the linear relationship between two numerically expressed variables.

Eg----------------

,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.....

Description--

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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