extrapolation and correlation

Question 1

what is positive correlation

Answer 1

when both variables increase in value

Question 1

what is correlation

Answer 1

looking at the strength of a relationship between 2 variables

Question 2

what is negative correlation

Answer 2

when both variables decrease in value

Question 3

what is no correlation

Answer 3

where there is no discernible relationship between variables

Question 4

what can be done with a strong positive correlation

Answer 4

used for marketing predictions

Question 5

what is extrapolation

Answer 5

using previous patterns of numerical data in order to predict values in the future

Question 6

3 advantages of extrapolation

Answer 6

-common for past trends to continue
-not much data required
-quick and cheap

Question 7

3 disadvantages of extrapolation

Answer 7

-unreliable if significant fluctuations in past data
-assumes past trends will continue
-ignores qualitative factors