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Question

Why does rank correlation coefficient differ from Pearsonian correlation coefficient?


Solution

Rank correlation coefficient differs from Pearsonian correlation coefficient in the following ways:

(i) Rank correlation coefficient is generally lower or equal to Karl Pearson's coefficient.

(ii) Rank correlation coefficient is preferred to measure the correlation between qualitative variables as these variables cannot be measured precisely.

(iii) The rank correlation coefficient uses ranks instead of the full set of observations that leads to some loss of information.

(iv) If extreme values are present in the data, then the rank correlation coefficient is more precise and reliable

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