Scatter Diagram Correlation | Meaning, Interpretation, Example Last Updated : 03 Jun, 2024 Comments Improve Suggest changes Like Article Like Report What is a Scatter Diagram?A simple and attractive method of measuring correlation by diagrammatically representing bivariate distribution for determination of the nature of the correlation between the variables is known as the Scatter Diagram Method. This method gives the investigator/analyst a visual idea of the nature of the association between the two variables. It is the simplest method of studying the relationship between two variables as there is no need to calculate any numerical value. Table of Content What is a Scatter Diagram?How to draw a Scatter Diagram?Interpretation of Scatter Diagram1. Perfect Positive Correlation2. Perfect Negative Correlation3. Positive Correlation4. Negative Correlation5. No CorrelationExample of Scatter Diagram CorrelationMerits of Scatter DiagramDemerits of Scatter DiagramScatter Diagram Correlation - FAQsHow to draw a Scatter Diagram?The two steps required to draw a Scatter Diagram or Dot Diagram are as follows: Plot the values of the given variables (say X and Y) along the X-axis and Y-axis, respectively.Show these plotted values on the graph by dots. Each of these dots represents a pair of values.Interpretation of Scatter DiagramAfter observing the pattern of dots, one can know the presence or absence of correlation and its type. Besides, it also gives an idea of the nature and intensity of the relationship between the two variables. The scatter diagram can be interpreted in the following ways: 1. Perfect Positive CorrelationIf the points of the scatter diagram fall on a straight line and have a positive(upward) slope, then the correlation is said to be perfectly positive; i.e., r = +1. 2. Perfect Negative CorrelationIf the points of the scatter diagram fall on a straight line and have a negative(downward) slope, then the correlation is said to be perfectly negative; i.e., r = -1. 3. Positive CorrelationWhen the points of the scatter diagram cluster around a straight line (upward slope from left to right), then the correlation is said to be positive. 4. Negative CorrelationWhen the points of the scatter diagram cluster around a straight line (downward/negative slope), then the correlation is said to be negative. 5. No CorrelationWhen the points of the scatter diagram are scattered in a haphazard manner, then there is zero or no correlation. How to interpret a Scatter Diagram?While interpreting a scatter diagram, the given below points should be taken into consideration: Dense or Scattered Points: If the plotted points are close to each other, then the analyst can expect a high degree of correlation between the two variables. However, if the plotted points are widely scattered, then the analyst can expect a poor correlation between the variables.Trend or No Trend: If the points plotted on the scatter diagram shows any trend either upward or downward, then it can be said that the variables are correlated. However, if the plotted points do not show any trend, then it can be said that the variables are uncorrelated.Upward or Downward Trend: If the plotted points show an upward trend rising from the lower left-hand corner of the graph and goes upward to the upper right-hand corner, then the correlation is positive. It means that the two variables move in the same direction. However, if the plotted points show a downward trend from the upper left-hand corner of the graph to the lower right-hand corner, then the correlation is negative. It means that the two variables move in the opposite direction.Perfect Correlation: If the points plotted on the scatter diagram lie on a straight line and have a positive slope, then it can be said that the correlation is perfect and positive. However, if the points plotted lie on a straight line and have a negative slope, then it can be said that the correlation is perfect and negative.Example of Scatter Diagram CorrelationDraw a Scatter Diagram for the following data and state the type of correlation between the given two variables X and Y. Solution:We will draw the scatter diagram by plotting the values of Series X on the X-axis and values of Series y on the Y-axis (10, 80), (20, 160),.........(60, 480). We can see that all the points of the given two variables X and Y are plotted on a positively sloping straight line, which means that there is a Positive Correlation between the values of Series X and Y. Merits of Scatter Diagram1. Simplicity: Scatter Diagram is a simple and non-mathematical method to study correlation between two variables. 2. First Step: It is the first step of investigating the relationship between two variables. 3. Easily Understandable: One can easily understand and interpret scatter diagrams. Besides, only at a single glance at the diagram, one can easily tell the presence or absence of correlation. 4. Not Affected by Extreme Items: The size of extreme values does not affect the scatter diagram. It is a quality which is not present in most mathematical methods. Demerits of Scatter Diagram1. Rough Measure: Scatter diagram only gives a rough idea of the degree and nature of correlation between the given two variables. Therefore, it is only a qualitative expression rather than a quantitative expression. 2. Non-mathematical Method: Like other methods of correlation, Scatter Diagram Method does not indicate the exact numerical value of correlation. 3. Unsuitable for Large Observations: If there are more than two variables, it becomes difficult to draw a scatter diagram. Also Read:Correlation: Meaning, Significance, Types and Degree of Correlation Methods of Measurements of Correlation Spearman’s Rank Correlation Coefficient in Statistics Karl Pearson's Coefficient of Correlation | Assumptions, Merits and Demerits Karl Pearson's Coefficient of Correlation | Methods and Examples Comment More infoAdvertise with us Next Article Spearman's Rank Correlation Coefficient in Statistics N nupurjain3 Follow Improve Article Tags : Statistics for Economics Commerce Commerce - 11th Similar Reads CBSE Class 11 Statistics for Economics Notes Economic statistics is a topic in applied statistics that concerns the collection, organization, and presentation of data. GeeksforGeeks Class 11 Statistics for Economics Notes have been designed according to the CBSE Syllabus for Class 11. These revision notes consist of detailed Chapterwise import 8 min read Chapter 1: Concept of Economics and Significance of Statistics in EconomicsStatistics for Economics | Functions, Importance, and LimitationsWhat is Statistics?The word Statistics is derived from the Greek word 'Statistique,' the Latin word 'Status,' the Italian word 'Statista,' and the German word 'Statistic.' Statistics is defined as the study, collection, analysis, interpretation, and organization of data for different ultimate object 8 min read Chapter 2: Collection of DataData Collection Methods | Primary and Secondary Data Data Collection refers to the systematic process of gathering, measuring, and analyzing information from various sources to get a complete and accurate picture of an area of interest. 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He/she goes to the field personally, contacts the respond 4 min read Indirect Oral Investigation : Suitability, Merits, Demerits and PrecautionsWhat is Indirect Oral Investigation?Indirect Oral Investigation is a method of collecting primary data through which the investigator approaches third parties who are in the possession of required information about the subject of enquiry. It is used when the area of investigation is large or the res 4 min read Difference between Direct Personal Investigation and Indirect Oral InvestigationDirect Personal Investigation and Indirect Oral Investigation are two of the many methods of collecting primary data. What is Direct Personal Investigation? 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The basic aim behind setting up NSS was to fill up the large gaps in statistical data to calculate the national income aggregates (especiall 3 min read What is Census Method of Collecting Data?Collection of Data is the first step of the statistical investigation and can be gathered through two different sources, namely, primary sources and secondary sources. Besides primary and secondary sources of collecting data, there are two essential methods of collecting data; i.e., Census Method an 4 min read Sample Method of Collection of DataMeaning of Population:A population is a pool of similar objects, items, or events that are used to define the subject of study, which is related to some questions or events under study. In statistics, it means the aggregate of all items about which we want to collect information. The population can 6 min read Methods of SamplingThe sampling method involves selecting a subset of individuals or observations from a larger population to collect data and make inferences about the entire population. It is a practical and efficient way to gather data when it is impractical or impossible to collect information from every member of 11 min read Father of Indian CensusWho is the Father of Indian Census? Census, a systematic collection and recording of demographic, social, and economic data of a country's population, stands as one of the most crucial tools for understanding the dynamics of a society. In the context of India, the census has played an indispensable 5 min read What makes a Sampling Data Reliable?Data is the collection of measurement and facts and a tool that help an individual or a group of individuals reach a sound conclusion by providing them with some information. It helps the analyst understand, analyze, and interpret different socio-economic problems like unemployment, poverty, inflati 2 min read Difference between Census Method and Sampling Method of Collecting DataCollection of Data is the first step of the statistical investigation and can be gathered through two different sources, namely, primary sources and secondary sources. Besides primary and secondary sources of collecting data, there are two essential methods of collecting data; i.e., Census Method an 4 min read What are Statistical Errors?Data is the collection of measurement and facts and a tool that help an individual or a group of individuals reach a sound conclusion by providing them with some information. It helps the analyst understand, analyze, and interpret different socio-economic problems like unemployment, poverty, inflati 3 min read Chapter 3: Organisation of DataOrganization of DataWhat is Data Organization? The data collected by an investigator is in raw form and cannot offer any meaningful conclusion; hence, it needs to be organized properly. Therefore, the process of systematically arranging the collected data or raw data so that it can be easy to understand the data is kno 6 min read Objectives and Characteristics of Classification of DataData can not always be found in an organised manner. Therefore, an analyst or investigator has to properly organise the collected data for a better analysis of information and to reach the desired results. One of the most important methods of organising such data is known as the classification of da 5 min read Classification of Data in Statistics | Meaning and Basis of Classification of DataClassification of data refers to the systematic organization of raw data into groups or categories based on shared characteristics or attributes. This process transforms unstructured data into a structured format, making it easier to analyze and draw meaningful conclusions. Data can be classified ba 5 min read Concept of Variable and Raw DataThe data collected by an investigator is in raw form and cannot offer any meaningful conclusion; hence, it needs to be organized properly. Therefore, the process of systematically arranging the collected data or raw data so that it can be easy to understand is known as the organization of data. With 4 min read Types of Statistical SeriesIn statistics, data is often organized in series to facilitate analysis and interpretation. A statistical series refers to a set of observations arranged in a particular order based on one or more criteria. Understanding the different types of statistical series is crucial for effectively analyzing 12 min read Difference between Frequency Array and Frequency DistributionThe number of times a specific value appears in a distribution is known as its frequency. For instance, there are 30 students in a class, and fifteen of them have received 80 points, ten have received 90 points, and five have received 100 points. The frequencies will now be 15, 10, and 5. A table in 4 min read Types of Frequency DistributionFrequency distribution is a method of organizing and summarizing data to show the frequency (count) of each possible outcome of a dataset. It is an essential tool in statistics for understanding the distribution and pattern of data. There are several types of frequency distributions used based on th 10 min read Chapter 4: Presentation of Data: Textual and TabularTextual Presentation of Data: Meaning, Suitability, and DrawbacksPresentation of Data refers to the exhibition of data in such a clear and attractive way that it is easily understood and analysed. Data can be presented in different forms, including Textual or Descriptive Presentation, Tabular Presentation, and Diagrammatic Presentation. Textual Presentation Textu 3 min read Tabular Presentation of Data: Meaning, Objectives, Features and MeritsWhat is Tabulation?The systematic presentation of numerical data in rows and columns is known as Tabulation. It is designed to make presentation simpler and analysis easier. This type of presentation facilitates comparison by putting relevant information close to one another, and it helps in further 8 min read Different Types of TablesThe tables can be categorised into various categories depending upon different aspects, such as the purpose, the nature of data used for the investigation, and the extent of coverage of the table. The following are the various kinds of tables that are commonly used in studies of statistics. (I) Clas 4 min read Classification and Tabulation of DataClassification and Tabulation of Data are fundamental processes in the field of statistics, especially in the context of economics. They transform raw data into a structured form, enabling better analysis, interpretation, and presentation of economic data. Proper classification ensures that data is 11 min read Chapter 5: Diagrammatic Presentation of DataDiagrammatic Presentation of Data: Meaning , Features, Guidelines, Advantages and DisadvantagesDiagrammatic Presentation of Data The technique of presenting statistical data in the form of diagrams such as bar diagrams, cartograms, pie diagrams, and pictograms is known as the Diagrammatic Presentation of Data. Statistics performs an important function by presenting a complex mass of data in a 6 min read Types of DiagramsWhat is a Diagram?Statistics performs an important function by presenting a complex mass of data in a simple way that makes it easier to understand. Classification and tabulation are two techniques for presenting data in an understandable form. However, as the volume of data increases, it becomes in 7 min read Bar Graph | Meaning, Types, and ExamplesBar graphs are one of the most common and versatile types of charts used to represent categorical data visually. They display data using rectangular bars, where the length or height of each bar corresponds to the value it represents. Bar graphs are widely used in various fields such as business, edu 12 min read Pie Diagrams | Meaning, Example and Steps to ConstructWhat is Pie Chart or Pie Diagram?A circle can be divided into parts to show the ratios of different components. A pie diagram is one such representation. Pie charts are also referred to as Angular Circle Diagrams. The circle is divided into as many sections as there are elements by drawing straight 2 min read Histogram | Meaning, Example, Types and Steps to DrawWhat is Histogram?A histogram is a graphical representation of the frequency distribution of continuous series using rectangles. The x-axis of the graph represents the class interval, and the y-axis shows the various frequencies corresponding to different class intervals. A histogram is a two-dimens 5 min read Frequency Polygon | Meaning, Steps to Draw and ExamplesWhat is Frequency Polygon?A frequency polygon is another way to show a frequency distribution on a graph. In addition to being an alternate for the histogram, the frequency polygon is also an outcome of the histogram. While comparing two or more frequency distributions, a frequency polygon is more s 5 min read Ogive (Cumulative Frequency Curve) and its TypesA method of presenting data in the form of graphs that provides a quick and easier way to understand the trends of the given set of data is known as Graphic Presentation. The two types of graphs through which a given set of data can be presented are Frequency Distribution Graphs and Time Series Grap 5 min read What is Arithmetic Line-Graph or Time-Series Graph?A time series is an arrangement in which the values of variables are recorded in relation to the time of occurrence. In the case of a long series of data, time series helps identify the trend, periodicity, etc. The time period can be defined as a year, quarter, month, week, days, hours, and so on. A 6 min read Diagrammatic and Graphic Presentation of DataDiagrammatic and graphic presentation of data means visual representation of the data. It shows a comparison between two or more sets of data and helps in the presentation of highly complex data in its simplest form. Diagrams and graphs are clear and easy to read and understand. In the diagrammatic 4 min read Chapter 6: Measures of Central Tendency: Arithmetic MeanMeasures of Central Tendency in StatisticsCentral tendencies in statistics are numerical values that represent the middle or typical value of a dataset. Also known as averages, they provide a summary of the entire data, making it easier to understand the overall pattern or behavior. These values are useful because they capture the essence o 11 min read Arithmetic Mean: Meaning, Example, Types, Merits, and DemeritsA single value used to symbolise a whole set of data is called the Measure of Central Tendency. In comparison to other values, it is a typical value to which the majority of observations are closer. The arithmetic mean is one approach to measure central tendency in statistics. This measure of centra 8 min read What is Simple Arithmetic Mean?Arithmetic Mean is one approach to measure central tendency in statistics. This measure of central tendency involves the condensation of a huge amount of data to a single value. Arithmetic mean can be determined using two methods; viz., Simple Arithmetic Mean and Weighted Arithmetic Mean. Meaning of 11 min read Calculation of Mean in Individual Series | Formula of MeanWhat is Mean? Mean is the sum of a set of numbers divided by the total number of values. It is also referred to as the average. For instance, if there are four items in a series, i.e. 2, 5, 8, 3, and 9. The simple arithmetic mean is (2 + 5 + 8 + 3 + 9) / 5 = 5.4. What is Individual Series? The serie 2 min read Calculation of Mean in Discrete Series | Formula of MeanWhat is Mean?Mean is the sum of a set of numbers divided by the total number of values. It is also referred to as the average. For instance, if there are four items in a series, i.e. 2, 5, 8, 3, and 9. The simple arithmetic mean is (2 + 5 + 8 + 3 + 9) / 5 = 5.4.What is Discrete Series?In discrete se 3 min read Calculation of Mean in Continuous Series | Formula of MeanThe mean, also known as the average, is a measure of central tendency that summarizes a set of data by identifying the central point. In a continuous series, data is grouped into class intervals, and the mean is calculated differently than in a discrete series. The mean provides a comprehensive over 4 min read Calculation of Arithmetic Mean in Special CasesA single value used to symbolise a whole set of data is called the Measure of Central Tendency. In comparison to other values, it is a typical value to which the majority of observations are closer. The arithmetic mean is one approach to measure central tendency in statistics. This measure of centra 4 min read Weighted Arithmetic MeanSimple Arithmetic Mean gives equal importance to all the variables in a series. However, in some situations, a greater emphasis is given to one item and less to others, i.e., ranking of the variables is done according to their significance in that situation. For example, during inflation, the price 3 min read Chapter 7: Measures of Central Tendency: Median and ModeMedian(Measures of Central Tendency): Meaning, Formula, Merits, Demerits, and ExamplesWhat is Median?The median is a centrally located value that splits the distribution into two equal portions, one including all values more than or equal to the median and the other containing all values less than or equal to it. The median is the " middle " element when the data set is organized in 8 min read Calculation of Median for Different Types of Statistical SeriesWhat is Median?When elements in the data set are organised sequentially, that is, in either an ascending or descending order of magnitude, the median can be referred to as the middle value of the data set. Its value is located in a distribution in such a way that 50% of the items are below it and 50 8 min read Calculation of Median in Individual Series | Formula of MedianWhat is Median?When elements in the data set are organised sequentially, that is, in either an ascending or descending order of magnitude, the median can be referred to as the middle value of the data set. Its value locates in a distribution in such a way that 50% of the items are below it and 50% a 3 min read Calculation of Median in Discrete Series | Formula of MedianWhat is Median?When elements in the data set are organised sequentially, that is, in either an ascending or descending order of magnitude, the median can be referred to as the middle value of the data set. Its value locates in a distribution in such a way that 50% of the items are below it and 50% a 3 min read Calculation of Median in Continuous Series | Formula of MedianThe median is a measure of central tendency that represents the middle value of a data set when the values are arranged in order, either ascending or descending. In a continuous series (grouped data), where data is presented in class intervals with frequencies, the median divides the distribution su 5 min read Graphical determination of MedianA measure of central tendency that determines the centrally located value of a given series is known as the Median. The number of values of the series below and above the given series is always equal. To determine the median value of a given series, it is first managed in increasing or decreasing or 5 min read Mode: Meaning, Formula, Merits, Demerits, and ExamplesThe word mode is derived from the French word 'La Mode', meaning anything that is in fashion or vogue. A measure of central tendency in statistical series that determines the value occurring most frequently in a given series is known as mode. In other words, the modal value of the series has the hig 9 min read Calculation of Mode in Individual Series | Formula of ModeThe word mode comes from the Latin word ‘Modus’, meaning measurements, quantity, way, or manner. In statistics, Mode refers to the variable that occurs most of the time or repeats itself most frequently in a given series of variables (say X). It is a maximum occurrence at a particular point or a val 5 min read Calculation of Mode in Discrete Series | Formula of ModeThe word mode comes from the Latin word 'Modus', meaning measurements, quantity, way, or manner. In statistics, Mode refers to the variable that occurs most of the time or repeats itself most frequently in a given series of variables (say X). It is a maximum occurrence at a particular point or a val 6 min read Grouping Method of Calculating Mode in Discrete Series | Formula of ModeMode is the value from a data set that has occurred the most number of times. It is one of the most crucial measures of central tendency and is represented by Z. For example, if, in a class of 35 students, 10 students are 10 years old, 20 students are 11 years old, and the rest 5 students are 9 year 5 min read Calculation of Mode in Continuous Series | Formula of ModeMode, in statistics, refers to the variable that occurs most of the time in the given series. In simple words, a mode is a variable that repeats itself most frequently in a given series of variables (say X). We can determine the mode in two series; viz., individual and discrete series. Mode is denot 7 min read Calculation of Mode in Special CasesThe word mode is derived from the French word ‘La Mode’, meaning anything that is in fashion or vogue. A measure of central tendency in statistical series that determines the value occurring most frequently in the given series is known as mode. In other words, the modal value of the series has the h 6 min read Calculation of Mode by Graphical MethodThe word mode is derived from the French word 'La Mode', meaning anything that is in fashion or vogue. A measure of central tendency in statistical series that determines the value occurring most frequently in the given series is known as mode. In other words, the modal value of the series has the h 4 min read Mean, Median and Mode| Comparison, Relationship and CalculationA single value used to symbolise a whole set of data is called the Measure of Central Tendency. In comparison to other values, it is a typical value to which the majority of observations are closer. Average and Measure of Location are other names for the Measure of Central Tendency. In statistical a 7 min read Chapter 8: Measures of DispersionMeasures of Dispersion | Meaning, Absolute and Relative Measures of DispersionAverages like mean, median, and mode can be used to represent any series by a single number. However, averages are not enough to describe the characteristics of statistical data. So, it is necessary to define some additional summary measures to adequately represent the characteristics of a distribut 5 min read Range | Meaning, Coefficient of Range, Merits and Demerits, Calculation of RangeWhat is Range?Range is the easiest to understand of all the measures of dispersion. The difference between the largest and smallest item in a distribution is called range. It can be written as: Range (R) = Largest item (L) – Smallest item (S) For example, If the marks of 5 students of class Xth are 4 min read Calculation of Range and Coefficient of RangeWhat is Range?Range is the easiest to understand of all the measures of dispersion. The difference between the largest and smallest item in a distribution is called range. It can be written as:Range (R) = Largest item (L) – Smallest item (S)For example, If the marks of 5 students of class XIth are 2 4 min read Interquartile Range and Quartile DeviationThe extent to which the values of a distribution differ from the average of that distribution is known as Dispersion. The measures of dispersion can be either absolute or relative. The Measures of Absolute Dispersion consist of Range, Quartile Deviation, Mean Deviation, Standard Deviation, and Loren 3 min read Partition Value | Quartiles, Deciles and PercentilesPartition values are statistical measures that divide a dataset into equal parts. They help in understanding the distribution and spread of data by indicating where certain percentages of the data fall. The most commonly used partition values are quartiles, deciles, and percentiles.Table of ContentW 9 min read Quartile Deviation and Coefficient of Quartile Deviation: Meaning, Formula, Calculation, and ExamplesThe extent to which the values of a distribution differ from the average of that distribution is known as Dispersion. The measures of dispersion can be either absolute or relative. The Measures of Absolute Dispersion consist of Range, Quartile Deviation, Mean Deviation, Standard Deviation, and Loren 3 min read Quartile Deviation in Discrete Series | Formula, Calculation and ExamplesWhat is Quartile Deviation?Quartile Deviation (absolute measure) divides the distribution into multiple quarters. Quartile Deviation is calculated as the average of the difference of the upper quartile (Q3) and the lower quartile (Q1).Quartile~Deviation=\frac{Q_3-Q_1}{2} Where,Q3 = Upper Quartile (S 2 min read Quartile Deviation in Continuous Series | Formula, Calculation and ExamplesWhat is Quartile Deviation?Quartile Deviation (absolute measure) divides the distribution into multiple quarters. Quartile Deviation is calculated as the average of the difference of the upper quartile (Q3) and the lower quartile (Q1).Quartile~Deviation=\frac{Q_3-Q_1}{2} Where,Q3 = Upper Quartile (S 3 min read Mean Deviation: Coefficient of Mean Deviation, Merits, and DemeritsRange, Interquartile range, and Quartile deviation all have the same defect; i.e., they are determined by considering only two values of a series: either the extreme values (as in range) or the values of the quartiles (as in quartile deviation). This approach of analysing dispersion by determining t 5 min read Calculation of Mean Deviation for different types of Statistical SeriesWhat is Mean Deviation?The arithmetic average of the deviations of various items from a measure of central tendency (mean, median, or mode) is known as the Mean Deviation of a series. Other names for Mean Deviation are the First Moment of Dispersion and Average Deviation. Mean deviation is calculate 3 min read Mean Deviation from Mean | Individual, Discrete, and Continuous SeriesMean Deviation of a series can be defined as the arithmetic average of the deviations of various items from a measure of central tendency (mean, median, or mode). Mean Deviation is also known as the First Moment of Dispersion or Average Deviation. Mean Deviation is based on all the items of the seri 4 min read Mean Deviation from Median | Individual, Discrete, and Continuous SeriesWhat is Mean Deviation from Median?Mean Deviation of a series can be defined as the arithmetic average of the deviations of various items from a measure of central tendency (mean, median, or mode). Mean Deviation is also known as the First Moment of Dispersion or Average Deviation. Mean Deviation is 5 min read Standard Deviation: Meaning, Coefficient of Standard Deviation, Merits, and DemeritsThe methods of measuring dispersion such as quartile deviation, range, mean deviation, etc., are not universally adopted as they do not provide much accuracy. Range does not provide required satisfaction as in the entire group, range's magnitude is determined by most extreme cases. Quartile Deviatio 6 min read Standard Deviation in Individual SeriesA scientific measure of dispersion that is widely used in statistical analysis of a given set of data is known as Standard Deviation. Another name for standard deviation is Root Mean Square Deviation. Standard Deviation is denoted by a Greek Symbol σ (sigma). Under this method, the deviation of valu 3 min read Standard Deviation in Discrete SeriesA scientific measure of dispersion that is widely used in statistical analysis of a given set of data is known as Standard Deviation. Another name for standard deviation is Root Mean Square Deviation. Standard Deviation is denoted by a Greek Symbol σ (sigma). Under this method, the deviation of valu 5 min read Standard Deviation in Frequency Distribution SeriesA scientific measure of dispersion that is widely used in statistical analysis of a given set of data is known as Standard Deviation. Another name for standard deviation is Root Mean Square Deviation. It is denoted by a Greek Symbol σ (sigma). Under this method, the deviation of values is taken from 3 min read Combined Standard Deviation: Meaning, Formula, and ExampleA scientific measure of dispersion, which is widely used in statistical analysis of a given set of data is known as Standard Deviation. Another name for standard deviation is Root Mean Square Deviation. Standard Deviation is denoted by a Greek Symbol σ (sigma). Under this method, the deviation of va 2 min read Coefficient of Variation: Meaning, Formula and ExamplesWhat is Coefficient of Variation? As Standard Deviation is an absolute measure of dispersion, one cannot use it for comparing the variability of two or more series when they are expressed in different units. Therefore, in order to compare the variability of two or more series with different units it 2 min read Lorenz Curveb : Meaning, Construction, and ApplicationWhat is Lorenz Curve?The variability of a statistical series can be measured through different measures, Lorenz Curve is one of them. It is a Cumulative Percentage Curve and was first used by Max Lorenz. Generally, Lorenz Curves are used to measure the variability of the distribution of income and w 4 min read Chapter 9: CorrelationCorrelation: Meaning, Significance, Types and Degree of CorrelationThe previous statistical approaches (such as central tendency and dispersion) are limited to analysing a single variable or statistical analysis. This type of statistical analysis in which one variable is involved is known as Univariate Distribution. However, there are instances in real-world situat 9 min read Methods of Measurements of CorrelationWhat is Correlation?A statistical tool that helps in the study of the relationship between two variables is known as Correlation. It also helps in understanding the economic behaviour of the variables. However, correlation does not tell anything about the cause-and-effect relationship between the tw 4 min read Scatter Diagram Correlation | Meaning, Interpretation, ExampleWhat is a Scatter Diagram?A simple and attractive method of measuring correlation by diagrammatically representing bivariate distribution for determination of the nature of the correlation between the variables is known as the Scatter Diagram Method. This method gives the investigator/analyst a visu 6 min read Spearman's Rank Correlation Coefficient in StatisticsSpearman's Rank Correlation Coefficient or Spearman's Rank Difference Method or Formula is a method of calculating the correlation coefficient of qualitative variables and was developed in 1904 by Charles Edward Spearman. In other words, the formula determines the correlation coefficient of variable 6 min read Karl Pearson's Coefficient of Correlation | Assumptions, Merits and DemeritsWhat is Karl Pearson's Coefficient of Correlation?The first person to give a mathematical formula for the measurement of the degree of relationship between two variables in 1890 was Karl Pearson. Karl Pearson's Coefficient of Correlation is also known as Product Moment Correlation or Simple Correlat 9 min read Karl Pearson's Coefficient of Correlation | Methods and ExamplesWhat is Karl Pearson's Coefficient of Correlation?The first person to give a mathematical formula for the measurement of the degree of relationship between two variables in 1890 was Karl Pearson. Karl Pearson's Coefficient of Correlation is also known as Product Moment Correlation or Simple Correlat 6 min read Like