In terms of the strength of relationship, the value of the correlation coefficient (rs) varies between+1 and -1. As the correlation coefficient value goes towards 0, the relationship between the two variables will be weaker.
The direction of the relationship is indicated by the sign of the coefficient; a + sign indicates a positive relationship and a – sign indicates a negative relationship.
The following formula is used to calculate the Spearman rank correlation:
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In general, we know that Monthly Income increases with the Work Experience. This means there should be positive association between these two variables which is proved by rs value which is 0.97.
This implies there is very strong association between the two variables. Any increase in one variable leads to increase in other.
All select type questions are supported for correlation analysis.
This feature/tools described here are available with the following license(s) :
Customer Experience (Annual) and above