Field of Statistics essay

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The field of statistics is so broad that it covers a number of things in it. Some officials associated the course of Stats as a part of Finance but it is totally a different field and has a different world in it. Markowitz the person, who used the concepts use in statistics in Finance and got a Nobel Prize on his work (David, S. Moore, William, 2006).

Correlation and Scatter Diagrams has a real significance in the field of Statistics due to its indispensability. In this assignment, we will answer some questions pertains to correlation and scatter diagram and see what the concept reveals.

Ans-11)

In this question, we have to identify that which correlation coefficient relates to which scatter diagram. People simply don’t know how to describe a scatter diagram. We have four correlation coefficient which predominantly are, -0.923, -0.487, 0.006 and 0.777. Let’s name each correlation coefficient,

R1:  -0.923

R2:  -0.487

R3:   0.006

R4:  0.777

I am first talking about the positive correlation figures and its matching with its relevant figures. Figure ‘A’ is associated with R4:  0.777, because the figure shows a moderately strong relationship between the figures of the variables. According to the law of scatter diagram a positive relationship is always has an uptrend and straight line relationship. Figure ‘a’ shows exactly the same as the values moving with each other positively. The relationship is moderately strong and that is the main thing that the dotted values are quite near with each other. On the contrary the dotted lines in figure ‘b’ are quite far with each other showing a linear and weak relationship between the values of variables but the trend is up so R3 is the one that match with it. Likewise the same phenomenon we can associates figure ‘c’ with R1:  -0.923 because it shows almost positive correlation between the dotted values while in figure‘d’ the values are simply scattered and the correlation of -0.487 depicts the same perception that the figures have almost negative relationship.

Ans-15)

From the computation, we have found that the correlation is positive as showed by the scatter diagram.

e) The computation of correlation coefficient if the weights have been changed to kilograms.

Weights in Kilograms

x

y

X*y

x2

y2

57.2

61.38

3510.936

3271.84

3767.504

65.78

64.02

4211.236

4327.008

4098.56

86.9

83.6

7264.84

7551.61

6988.96

55.22

59.4

3280.068

3049.248

3528.36

69.52

66.66

4634.203

4833.03

4443.556

79.64

75.944

6048.18

6342.53

5767.491

55.22

61.16

3377.255

3049.248

3740.546

68.2

65.12

4441.184

4651.24

4240.614

78.32

72.82

5703.262

6134.022

5302.752

88.44

78.1

6907.164

7821.634

6099.61

704.44

688.204

49378.3

51031.4

47978

0.97

Correlation

More precisely, it can be said that there is no difference in the correlation coefficient, if the weights have been changed into kilograms from pounds.

f) No there is no deviation in the data and computation. The plot says that the weights in motion in scale are almost the same as the weights in static form and we have analyzed it either from the scatter diagram and correlation coefficient.

Ans-27)

Yes! We can summarize the strengths between the pH of water and water hardness with the help of correlation. From the figure we have analyzed that the formation is positive as the trend is upward and it forms linear relationship between the values. The strength of the correlation is weak as the values are scattered from each other.

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