What Is the Correlation Coefficient and What Does It Assess

question 466

Short Answer

What is the correlation coefficient and what does it assess? In your answer, be sure to address the following points: 1) the range of possible values the correlation coefficient can have, 2) the difference between a positive and negative correlation, and 3) the difference between the strength and direction of the correlation coefficient.

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Definitions:

Null Hypothesis

A default hypothesis that there is no significant difference or relationship, serving as the basis for statistical testing.

Alternative Hypothesis

It is a statement that suggests there is a difference or effect in the population parameters being studied, contradicting the null hypothesis.

Level of Significance

Refers to the probability threshold below which the null hypothesis is rejected, indicating the degree of evidence required to conclude that an effect is statistically significant.

Type I Error

The mistaken disapproval of a valid null hypothesis, commonly referred to as a "false positive."