Correlation and Covariance Measure the

question 18

Multiple Choice

Correlation and covariance measure the

• A)strength of a linear relationship between two numerical variables.
• B)direction of a linear relationship between two numerical variables.
• C)strength and direction of a linear relationship between two numerical variables.
• D)strength and direction of a linear relationship between two categorical variables.

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Definitions:

Economies of Scale

Cost advantages realized by an entity as its production output increases, leading to lower costs per unit due to factors like operational efficiency and bulk buying.

Specialized Outsource Vendors

Third-party service providers with expertise in a specific field, hired to perform tasks more efficiently than the hiring company can.

Training

The process of enhancing the skills, knowledge, and competencies of employees to perform specific tasks or jobs more effectively.

Strategic Blocks

Conceptual blocks or barriers within an organization that prevent the successful implementation of strategic initiatives or change.