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4 cards from this section. Quick, good the night before a test.
Define covariance in your own words.
Think about how one variable can affect another.
What does a positive covariance indicate?
Consider the directions of change for both variables.
What is covariance?
Focus on the relationship aspect.
True or False: A covariance of zero indicates a strong negative relationship.
Think about what zero means.
Given two data sets, compute covariance and then describe what it indicates about their relationship: X = {3, 5, 7, 9} and Y = {12, 15, 18, 22}.
Calculate means first to understand the changes.
You observe a dataset with positive covariance in temperature and ice cream sales. How might this information be strategically utilized by a business?
Consider seasonality and marketing strategies.
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