Data Science Seminar
Date: Monday, 25 March 2024
Time: 3:30 PM
Venue: NKN Hall
Range of correlation between two random quantities
N. Rao Chaganty
Old Dominion University.
25-03-24

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Abstract

Correlation,a metric used to gauge the relationship between two random variables,has widespread use in statistics and scientific studies. While it is well-known that correlation measures linear dependence and is confined to the interval (-1, 1), but this range is applicable only when both variables are normally distributed. What is less familiaris that if one or both variables are non-normal, the correlation range becomes a proper subset of (-1, 1), with the extreme values determined by the Fréchet bounds. In this discussion, we will explore the correlation range for non-normal variables, focusing particularly on binary variables. We will also examine extensions to multiple random variables and their applications in biostatistics.This elementary presentation is geared towards students pursuing data science.