Calculate the Pearson correlation coefficient between two datasets. Understand the formula and its use below.
Formula: r = Σ((X - μX) * (Y - μY)) / (√(Σ(X - μX)² * Σ(Y - μY)²))
Where:
r = Pearson Correlation Coefficient
X = Data points of the first dataset
Y = Data points of the second dataset
μX = Mean of the first dataset
μY = Mean of the second dataset
Uses: The Pearson correlation coefficient measures the strength and direction of the linear relationship between two datasets, ranging from -1 to 1.