a set of data to make a prediction about an unknown value. the correlation for your data is -0.015. How confident can you be that your predicted value will be reasonably close to the actual value?

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01-01-2018
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a set of data to make a prediction about an unknown value. the correlation for your data is -0.015. How confident can you be that your predicted value will be reasonably close to the actual value?

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PaulJames PaulJames · Answer 1 · 2018-01-02T13:27:44+01:00

Hey,

You see if you have a correlation of -0.015 then I would say that you can be very confident in getting the right answer.

However it also depends on what the data is and what the value range of the data.This means that for example if you have a 0.015 mistake in a value of 1000000000 doesn't matter much does it?
However if you made a mistake in the value of 0.000783 by 0.015 then you have made a substantial mistake to influence the data.

Hope this helps !!