Question

You use a line of best fit set of data to make a prediction about an unknown value. The correlation coefficient for your data set is 0.793. How confident can you be that your predicted value will be reasonable close to the actual value?

Answer 1

Moderately confident

Explanation:

Given that :

Correlation Coefficient = 0.793

The correlation Coefficient gives the strength of relationship between linear variables ranging from - 1 to 1.with values close to either - 1 or 1 depicting strong negative or positive correlation respectively, while values close to 0 signifies a weak correlation. Since the correlation Coefficient Given by the model is close to 1(0.793) one can be moderately confident that the value obtained from the model will be reasonably close to the actual value.