Explain Correlation and Covariance?

1.	Explain Correlation and Covariance?
Answer» Correlation is used for measuring and also for estimating the quantitative relationship between TWO variables. Correlation measures how STRONGLY two variables are related. Examples like, income and EXPENDITURE, demand and supply, etc. Covariance is a simple way to measure the correlation between two variables. The problem with covariance is that they are hard to COMPARE without NORMALIZATION.

Answer»

Correlation is used for measuring and also for estimating the quantitative relationship between TWO variables. Correlation measures how STRONGLY two variables are related. Examples like, income and EXPENDITURE, demand and supply, etc.

Covariance is a simple way to measure the correlation between two variables. The problem with covariance is that they are hard to COMPARE without NORMALIZATION.

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Explain Correlation and Covariance?

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