Correlation versus RegressionCorrelationtells us whether there is a relationship between 2 variables and how strongthe relationship is between them.Îtells us how wellthe response variable (Y) is predicted from the predictor variable (X)
Correlation versus RegressionRegressiontells us how to predictY from XÎprovides the equation to predict Y from X
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Introducing Correlation AnalysisIn correlation analysis, we generally want to determine whether two variables are interdependent, or covary– that is, do they vary together?Definition: A correlationexists between two variables when one of them is related to the other in some way.In common usage, the word ‘correlation’ describes any type of relationship between objects and events.In statistical usage, correlation refers to a quantitative relationship between two variables measured on ordinal or continuous scales. When we wish to establish the degree of association between pairs of variables in a sample from a population, correlation analysis is the proper approach.