2. Describe the difference between correlation and prediction (regression) analysis approaches?

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Expert Solution

In case of correlation between two variables the coefficient of correlation measures the strength of the association which lies between two variables it actually measures the strength of the variables and in which direction they are really associated which may be positive or it is negative . more the value of correlation coefficient more would be the strength of correlation for the measure of association the correlation coefficient generally lies between -1 to +1 Inclusive . where -1 means perfect negative correlation , + 1 means perfect positive correlation and 0 means no correlation .

But on the other half in regression analysis we actually put the value in scatter plot and try to fit those points with best possible line that is the regression line and is an it is used to estimate one variable with help of another variable it is generally used for prediction purpose .

They both are statistical tools for analysis .

orchestra answered 1 year ago

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