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How to Compute the Measures of Dispersion using Microsoft Excel

Calculating Range in Excel Excel does not offer a function to compute range. However, we can easily compute it by subtracting the minimum value from the maximum value. The formula would be =MAX()-MIN() where the dataset would be the referenced in both the parentheses....

Spearman’s Rank Correlation between Rice and Rainfall

Spearman's Coefficient of Rank Correlation (denoted by rho) is named after the British psychologist, Charles Edward Spearman. Rank correlation is a non-parametric variant of Karl Pearson's Coefficient of Correlation. This means, while Pearson's r requires an...

Building Nonlinear Regression Models

We have talked about regression models in the context of linear regression models in the previous post. A nonlinear regression model is one that describes a nonlinear relationship between the dependent and the independent variables. Naturally, the equation of the...

When Things are Correlated, Do they Cause Each Other?

We've talked about how popular the concept of correlation is in business analytics. Causation, and its variants are also used rather commonly. This makes it easy to mistakenly connect the two popular terms and even use them interchangeably. The Latin phrase, cum hoc...

What is Linear Correlation?

The analysis of correlation is an extremely useful technique in business. Naturally, correlations are extremely popular in various analyses. Correlation is measured by a coefficient that is a statistical estimation of the strength of relationship between data. The...

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