Answer to Question #152068 in Statistics and Probability for Mia

Question

You use a line of best fit for a set of data to make a prediction about unknown value. The correlation coefficient for your data set is 0.984. How confident can you be that your predicted value will be reasonably close to the actual value.

Answer 1

The correlation coefficient for the given data set is= 0.984

It means there is a strong relationship between the two variables. A positive correlation means, if one quantity is increasing other is increasing also.

So, the value of 0.984 shows that there is a very strong correlation between x and y values or two values in the data set. This means your prediction is reasonably close to the actual value.