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How to calculate correlation coefficient by hand fast
1. The initial step is to examine the data pairs.
This can be achieved by putting them horizontally/ vertically in a table labelled x and y. For instance, let us use the following table.
x | y |
2 | 2 |
1 | 4 |
3 | 6 |
2. Calculate the mean of x
Mean is calculated by adding the values of x and dividing them by the number of values.
In our above example we have the mean of x as;
=2
3. Calculate the mean of y
Mean is calculated by adding the values of y and dividing them by the number of values.
In our above example we have the mean of y as;
=4
4. Determining the standard deviation of x
We use the formula;
5. Calculating the Standard deviation of y;
We use the formula;
6. Using the basic formula for correlation coefficient
The value 0.5 means a low positive correlation.
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