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What is correlation and covariance in statistics?

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Covariance and Correlation are two mathematical concepts; these two approaches are widely used in statistics. Both Correlation and Covariance establish the relationship and also measure the dependency between two random variables. Though the work is similar between these two in mathematical terms, they are different from each other.

 Correlation: Correlation is considered or described as the best technique for measuring and also for estimating the quantitative relationship between two variables. Correlation measures how strongly two variables are related.

Covariance: In covariance two items vary together and it’s a measure that indicates the extent to which two random variables change in cycle. It is a statistical term; it explains the systematic relation between a pair of random variables, wherein changes in one variable reciprocal by a corresponding change in another variable.

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