Multiple Correlation Coefficient (Noun)
Meaning
An estimate of the combined influence of two or more variables on the observed (dependent) variable.
Classification
Nouns denoting cognitive processes and contents.
Examples
- The multiple correlation coefficient is a measure of how well the independent variables jointly predict the dependent variable, and is often used to assess the strength of the relationship between the variables.
- In regression analysis, the multiple correlation coefficient is a key statistic that provides an estimate of the combined influence of two or more independent variables on the dependent variable.
- The researcher calculated the multiple correlation coefficient to determine the extent to which the combination of age, income, and education level predicted an individual's likelihood of purchasing a new car.
- By examining the multiple correlation coefficient, the analyst was able to identify which set of independent variables had the greatest combined influence on the company's stock price.
- The multiple correlation coefficient was used to evaluate the effectiveness of a new marketing strategy, which took into account multiple variables such as social media engagement, advertising spend, and product promotion.