Class Discussion Week 11
A correlation matrix is the standard form of reporting observed correlations among multiple variables. Each entry represents the bivariate relationship between a pair of variables. The main diagonal consists of correlations of 1.00, which will always be the case when a variable is correlated with itself.
The management of a regional bus line thought the companys cost of gas might be correlated with its passenger/mile ratio. The data and a correlation matrix for this data are shown on page 578 of the text under Review and Critical Thinking Question 4.
respond to all of the following prompts in the class discussion section of your online course:
What information does the correlation matrix provide?
What is your interpretation of this correlation matrix?
How does a researcher determine if a correlation coefficient is significant?
What implications does this data have for the business?
How might it be used in decision making?
The name of my textbook is:
Zikmund, W., Babin, B., Carr, J., & Griffin, M. (2013.) Business research methods (9th Ed.)
. Mason, OH: Cengage Learning