In which scenario would we opt for co-relation analysis? How would establishing a relation between variables help businesses implement real change? Do you have any real-world examples?

Hi Ayush, Good to hear from you and thanks for your question. If a business owner knows that a certain factor is positively correlated to the amount of revenue they have, then this would be a very valuable information for the business owner. Think of a big company like Coca-Cola. If they find out that whenever they advertise on TV and their sales jump by 20% on the next day, then Coca-Cola might be tempted to advertise more often. Best, Ned

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Ayushi Tewari

Last answered:

25 Jul 2021

Posted on:

11 Jul 2021

Correlation Analysis Real world example

in Data Strategy / Correlation Analysis

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Ned Krastev

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Posted on:

25 Jul 2021

Correlation Analysis Real world example

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