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You use a line of best fit for a set of data to make a prediction about an unknown value. The correlation coefficient for your...Asked by Scarlet
You use a line of best fit for a set of data to make a prediction about an unknown value. The correlation coefficient for your data set is -0.015. How confident can you be that your predicted value will be reasonably close to the actual value?
My guess is that, since the correlation coefficient ranges from -1 to 1, with 0 being no correlation, I can't be very confident that my predicted value will be very close to the actual value. This is because if the correlation coefficient is -0.015, it is quite close to 0.
Can someone please check if this is correct, or if there is anything I can add to my answer, thanks! (=
My guess is that, since the correlation coefficient ranges from -1 to 1, with 0 being no correlation, I can't be very confident that my predicted value will be very close to the actual value. This is because if the correlation coefficient is -0.015, it is quite close to 0.
Can someone please check if this is correct, or if there is anything I can add to my answer, thanks! (=
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