What is the Correlation Coefficient?
The correlation coefficient, a concept from statistics, is a measure of how well trends in the predicted values follow trends in the actual values. It is a measure of how
well the predicted values from a forecast model "fit" with real-life data.
The correlation coefficient is a number between 0 and
1. If there is no relationship between the predicted values and the actual values, the correlation coefficient is 0 or very low (the predicted
values are no better than random numbers). As the strength of the relationship between the predicted values and actual values increases, so does the correlation coefficient. A perfect fit gives a coefficient of
1.0. Thus the higher the correlation coefficient, the better.
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