Glossary of Data Science and Data Analytics

What is Correlation Analysis?

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Correlation analysis refers to the application of statistical analysis and other mathematical techniques to evaluate or measure the relationships between variables. It can be used to identify the most likely set of factors that will lead to a particular outcome — such as a client responding to an offer or the performance of financial markets.

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What is Risk Management?

Risk management, sometimes referred to as risk mitigation, is the process of developing a strategy to reduce certain individual risks until the aggregate risk level for an activity is reduced to an acceptable level.

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