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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...

Building Linear Regression Models

What is regression? In the dictionary, the word regression basically means 'to go back'. In terms of statistics too, the meaning is not too different - it means 'to go back to the past data to explain the process that generates the data'. In statistics, a model is a...

Building a Multiple Linear Regression Model

Previously, we have seen situations where an outcome (the dependent variable) is based on a single input variable (independent variable). Sadly, real life is rarely as simple. Most outcomes in real situations are affected by multiple input variables. To...

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...

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...

The Basics

Statistics Stuff

Creating Models with Data