Explain the merits and demerits of Karl Pearson’s coefficient of correlation?
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Answers
There are many situations in our daily life where we know from experience, the direct association between certain variables but we can’t put a certain measure to it. For example, you know that the chances of you going out to watch a newly released movie is directly associated with the number of friends who go with you because the more the merrier
But there are many other factors too, like your interest in that movie, your budget etc. Thus to analyze the situation in detail, you need to note down your similar past experiences and form a sort of distribution from that data. It is at this point that you require a Correlation Coefficient, which will now provide you with a value, based on which you can calculate the possibility of you not going for the movie this time if your friends don’t turn up! Karl Pearson’s Coefficient of Correlation is one such type of parameter which we’ll be studying in this section.
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Answer:
Explanation:
Merits:
- This method gives us precise magnitude of the correlation due to which interpretation of result becomes easy.
- It is the most popular method of measuring relationship between the two variables.
- It expresses the direction and degree of change in two variables.
Demerits:
- i cannot be used to quantity qualities such as honesty fairness, etc.
- The value of correlation are largely affected by the values of extreme items.