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Creating Scatterplots and FInding Correlation Coefficient - Excel definitions

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Terms in this set (15)

  • Scatter Plot
    A chart displaying paired data points to visualize the linear relationship between two variables.
  • Correlation Coefficient
    A numerical value quantifying the strength and direction of a linear relationship between two variables.
  • Linear Relationship
    A pattern where changes in one variable are associated with proportional changes in another variable.
  • Positive Correlation
    A situation where increases in one variable correspond to increases in another variable.
  • Negative Correlation
    A situation where increases in one variable correspond to decreases in another variable.
  • Axis Title
    A label on a chart axis clarifying the variable and units represented for easier interpretation.
  • Chart Title
    A descriptive heading for a chart summarizing the data or relationship being visualized.
  • Array
    A group of data values selected in Excel for statistical analysis or chart creation.
  • Dependent Variable
    A variable whose value is influenced by another variable, often plotted on the y-axis.
  • Independent Variable
    A variable that is manipulated or observed to determine its effect on another variable, often plotted on the x-axis.
  • Excel Function
    A built-in formula in Excel used to perform calculations or statistical analysis on selected data.
  • Sample
    A subset of individuals or data points selected from a larger population for analysis.
  • Chart Element
    A component of a chart, such as axis titles or legend, that enhances clarity and interpretation.
  • Axis Scale
    The range and intervals of values displayed on a chart axis, affecting data visualization.
  • Business Statistics
    A field applying statistical methods to analyze and interpret data relevant to business decisions.