A new analyst has been hired and you have been asked to take him under your wing.
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A new analyst has been hired and you have been asked to take him under your wing. To get things started, you ask him to check if there is an association between two variables X and Y. After a few minutes, the new analyst excitedly returns to your office because he completed his first task. He answers that there is virtually no association whatsoever because the sample correlation was only 0.05. Is the analyst’s reasoning correct?
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The analysts reasoning based solely on the sample correlation coefficient 005 may not be entirely correct While a low sample correlation coefficient s...View the full answer
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Related Book For 
Principles Of Managerial Statistics And Data Science
ISBN: 9781119486411
1st Edition
Authors: Roberto Rivera
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