Which of the following statements are correct about the phi-coefficient? Check all that apply. O It is a measure of correlation between two dichotomous variables. It can be used as a measure of the strength of a relationship between two dichotomous variables. O It is a measure of correlation between a dichotomous variable and a continuous variable. O It can be used as a measure of the significance of a relationship between two dichotomous variables. Suppose you are looking at the relationship between gender and color preference. You wonder if there is a difference between the preferences of males and females for red and yellow. You conduct a quick survey asking different people which color they prefer. The results are shown in the 2 x 2 data matrix below:
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
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