Probabilistic Decision-Making
In statistics, 'r' represents the correlation coefficient, a numerical measure that quantifies the strength and direction of a linear relationship between two variables. It ranges from -1 to 1, where values close to 1 indicate a strong positive relationship, values close to -1 indicate a strong negative relationship, and values around 0 suggest no linear relationship. Understanding 'r' is crucial for analyzing relationships in various statistical techniques and applications.
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