What is the range of values for a coefficient of correlation?
-1.0 and 1.0
What number is a weak correlation?
r > 0 indicates a positive association. r < 0 indicates a negative association. Values of r near 0 indicate a very weak linear relationship.
When would you use Spearman rank correlation?
Use Spearman rank correlation when you have two ranked variables, and you want to see whether the two variables covary; whether, as one variable increases, the other variable tends to increase or decrease.
What does a correlation of 0.5 mean?
Correlation coefficients whose magnitude are between 0.5 and 0.7 indicate variables which can be considered moderately correlated. Correlation coefficients whose magnitude are between 0.3 and 0.5 indicate variables which have a low correlation.
Is 0.25 A good correlation?
Similar to Pearson’s r, a value close to 0 means no association. However, a value bigger than 0.25 is named as a very strong relationship for the Cramer’s V (Table 2)….Table 2.
| Phi and Cramer’s V | Interpretation |
|---|---|
| >0.25 | Very strong |
| >0.15 | Strong |
| >0.10 | Moderate |
| >0.05 | Weak |
What is p-value in correlation?
The p-value is a number between 0 and 1 representing the probability that this data would have arisen if the null hypothesis were true. The tables (or Excel) will tell you, for example, that if there are 100 pairs of data whose correlation coefficient is 0.254, then the p-value is 0.01.
How do you know if a linear regression is significant?
If your regression model contains independent variables that are statistically significant, a reasonably high R-squared value makes sense. The statistical significance indicates that changes in the independent variables correlate with shifts in the dependent variable.