When Testing Whether the Correlation Coefficient Differs from Zero, the Value

question 78

Multiple Choice

When testing whether the correlation coefficient differs from zero, the value of the test statistic is t₂₀ = −2.95 with a corresponding p-value of 0.0061. At the 5% significance level, can you conclude that the correlation coefficient differs from zero?

• A) Yes, since the p-value is less than 0.05.
• B) Yes, since the absolute value of the test statistic exceeds 0.05.
• C) No, since the p-value is less than 0.05.
• D) No, since the absolute value of the test statistic exceeds 0.05.

---

Definitions:

Pareto Analysis

A statistical technique used to identify the most significant factors in a dataset, based on the principle that a small number of causes typically lead to a large majority of the effects.

Strategic Purchase

The acquisition of goods or services with a forward-looking approach, considering long-term benefits and alignment with an organization's goals.

Description by Brand

An approach to defining or describing products and services based on their brand identity or brand characteristics.

Manufacturing Process

Involves the steps, operations, and methods employed in transforming raw materials into finished goods or products.