Briefly Describe the Four Primary Social Decision Schemes That Are

question 5

Essay

Briefly describe the four primary social decision schemes that are employed in various situations.

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Definitions:

Spearman Rank

It's a method for assessing rank correlation without assuming any parameter, focusing on how a monotonic function might accurately describe the connection between two variables.

Ordinal Variables

Variables that represent categories with a meaningful order but without a fixed interval between categories, such as rankings or levels of satisfaction.

Pearson's Coefficient

A measure of the linear correlation between two variables, ranging from -1 to 1, where 1 means a perfect positive linear relationship and -1 a perfect negative linear relationship.

Spearman Rank

A rank correlation metric that is non-parametric and evaluates the extent to which two variables' association can be explained through a monotonic function.