Define correlation. what are the types of correlation. also discuss the limits of the coefficient of rank of correlation. each question should be answered in 800 to 1000 words
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Correlation is a bivariate analysis that measures the strength of association between two variables and the direction of the relationship. ... Usually, in statistics, we measure four types of correlations: Pearson correlation, Kendall rank correlation, Spearman correlation, and the Point-Biserial correlation.There are two main types of correlation coefficients: Pearson's product moment correlation coefficient and Spearman's rank correlation coefficient.perfectly positive correlation means that 100% of the time, the variables in question move together by the exact same percentage and direction. A positive correlation can be seen between the demand for a product and the product's associated price.perfect negative correlation is represented by the value -1.0, while a 0 indicates no correlation, and +1.0 indicates a perfect positive correlation. A perfect negative correlation means the relationship that exists between two variables is exactly opposite all of the time. this much only I know..