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The correlation coefficient is a statistical measure used to determine the degree and direction of relationship between two quantitative variables. In quantitative analysis for managerial applications, it is widely used to understand how changes in one variable are associated with changes in another. For example, a manager may study the relationship between advertising expenditure and sales, income and consumption, price and demand, or employee training and productivity. The most commonly used measure is Pearson’s correlation coefficient, denoted by (r). Its value always lies between (-1) and (+1). The formula is: [ r=\frac{N\sum XY-(\sum X)(\sum Y)} {\sqrt{[N\sum X^2-(\sum X)^2][N\sum Y^2-(\sum Y)^2]}} ] where ___ _______ _________ ________ ________ ____ _________ _____ _________ __________ ______.
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