Describe Correlational Research

question 99

Essay

Describe correlational research.Explain the statistic used to represent the relationship between variables.Provide and explain an illustrative example of two variables that are negatively correlated.Discuss the advantages and limitations of the correlational method.

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Definitions:

Demand Fluctuation

Variations in the demand for goods or services over time, which can be seasonal or influenced by external factors.

Supply Chain Decision

involves strategic and operational choices made to manage and control the flow of goods, information, and finances across the supply chain efficiently.

Prices

The amount of money required to purchase goods or services, often influenced by factors like supply and demand, production costs, and market competition.

Decision Tree

A graphical representation used to visualize the choices in a decision and their possible outcomes, including chance event outcomes, resource costs, and utility.