Definition: The Method of Least Squares is another mathematical method that tells the degree of correlation between the variables by using the square root of the product of two regression coefficient that of x on y and y on x. The numerical notation of the formula to calculate the correlation by the coefficient method of least squares is given below: Lag and Lead in … [Read more...] about Method of Least Squares

## Spearman’s Rank Correlation Coefficient

Definition: The Spearman’s Rank Correlation Coefficient is the non-parametric statistical measure used to study the strength of association between the two ranked variables. This method is applied to the ordinal set of numbers, which can be arranged in order, i.e. one after the other so that ranks can be given to each. In the rank correlation coefficient method, the ranks … [Read more...] about Spearman’s Rank Correlation Coefficient

## Karl Pearson’s Coefficient of Correlation

Definition: Karl Pearson’s Coefficient of Correlation is widely used mathematical method wherein the numerical expression is used to calculate the degree and direction of the relationship between linear related variables. Pearson’s method, popularly known as a Pearsonian Coefficient of Correlation, is the most extensively used quantitative methods in practice. The … [Read more...] about Karl Pearson’s Coefficient of Correlation

## Scatter Diagram Method

Definition: The Scatter Diagram Method is the simplest method to study the correlation between two variables wherein the values for each pair of a variable is plotted on a graph in the form of dots thereby obtaining as many points as the number of observations. Then by looking at the scatter of several points, the degree of correlation is ascertained. The degree to which the … [Read more...] about Scatter Diagram Method

## Methods of Determining Correlation

Definition: The Correlation is a statistical tool used to measure the relationship between two or more variables, i.e. the degree to which the variables are associated with each other, such that the change in one is accompanied by the change in another. The correlation is said to be linear when the change in the amount of one variable tends to bear a constant ratio to the … [Read more...] about Methods of Determining Correlation

## Types of Correlation

Definition: A statistical tool used to measure the relationship between two or more variables such that the movement in one variable is accompanied by the movement of another is called as Correlation. Types of Correlation Positive and Negative Correlation: Whether the correlation between the variables is positive or negative depends on its direction of change. … [Read more...] about Types of Correlation

## Correlation Analysis

Definition: The Correlation Analysis is the statistical tool used to study the closeness of the relationship between two or more variables. The variables are said to be correlated when the movement of one variable is accompanied by the movement of another variable. The correlation analysis is used when the researcher wants to determine the possible association between the … [Read more...] about Correlation Analysis

## Approaches to Industrial Relations

Definition: The Industrial Relations or IR shows the relationship between the management and the workmen within the industry and the role of a regulatory body to resolve the industrial disputes. IR is perceived differently by a different group of behavioral practitioners and theorists. Some believed that IR is related to the Class Conflict while some perceived it in terms of … [Read more...] about Approaches to Industrial Relations

## Industrial Relations

Definition: The Industrial Relations or IR encompasses the relationship between the management and workmen and the role of a regulatory body to resolve any industrial dispute. As the name implies, Industry Relations comprises of two words, Industry, and Relations. Where industry covers the production activity in which the group of workmen is engaged in, while the relations … [Read more...] about Industrial Relations

## Selection Process

Definition: The Selection is a process of picking the right candidate with prerequisite qualifications and capabilities to fill the jobs in the organization. The selection process is quite lengthy and complex as it involves a series of steps before making the final selection. The procedure of selection may vary from industry to industry, company to company and even from … [Read more...] about Selection Process