| If your experiment needs statistics, you ought to have done a better experiment. Ernest Rutherford The aim of analytics is to find answers to problems. How do we find answers to the problems? We do that using data. When we begin to statistically analyse some...
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...
Assumptions in linear correlations Given how simple Karl Pearson’s Coefficient of Correlation is, the assumptions behind it are often forgotten. It is important to ensure that the assumptions hold true for your data, else the Pearson’s Coefficient may be...
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...
