Production and Operations Management
The correlation coefficient is a statistical measure that quantifies the strength and direction of the relationship between two variables. It ranges from -1 to 1, where -1 indicates a perfect negative correlation, 0 signifies no correlation, and 1 represents a perfect positive correlation. Understanding the correlation coefficient is crucial for interpreting data relationships in regression analysis, as it helps to determine how well one variable predicts another.
congrats on reading the definition of correlation coefficient. now let's actually learn it.