Intro to Probability for Business
In statistics, 'r' typically refers to the correlation coefficient, a measure that indicates the strength and direction of a linear relationship between two variables. This value ranges from -1 to 1, where -1 implies a perfect negative correlation, 1 indicates a perfect positive correlation, and 0 suggests no linear relationship. Understanding 'r' is essential when analyzing relationships in various contexts, including decision trees and hypothesis testing.
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