Ranking – NBC Institute

QT – May 2018 – L1 – Q7b – Forecasting

Calculate Pearson and Spearman correlation coefficients for production cost and output data.

Question

The secretariat of an association of industries gathered the following data from a random sample of member firms that produce similar products:

Required:
i) Compute the Pearson’s product moment correlation coefficient for the data. (6 marks)
ii) Hence, compute the coefficient of determination. (2 marks)
iii) Comment on your answer in (ii). (2 marks)
iv) Compute Spearman’s rank correlation coefficient for the data and comment on your answer. (8 marks)

Answer

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Tags: Coefficient of Determination, Correlation, Pearson Correlation, Ranking, Spearman Correlation
Level: Level 1

Topic: Forecasting
Series: MAY 2018

Question Tag: Ranking

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QT – May 2018 – L1 – Q7b – Forecasting

Calculate Pearson and Spearman correlation coefficients for production cost and output data.

QT – May 2018 – L1 – Q7b – Forecasting

Calculate Pearson and Spearman correlation coefficients for production cost and output data.

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QT – May 2018 – L1 – Q7b – Forecasting

Calculate Pearson and Spearman correlation coefficients for production cost and output data.

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QT – May 2018 – L1 – Q7b – Forecasting

Calculate Pearson and Spearman correlation coefficients for production cost and output data.

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