What is meant by Correlation matrix?
A correlation matrix is a statistical tool used to display the strength and direction of linear relationships between multiple variables. It presents correlation coefficients for all possible pairs of variables in a dataset in the form of a table or matrix.
Typical software functions in the area of "correlation matrix":
- Data import: Reading datasets from various sources such as CSV, Excel, or databases.
- Calculation: Automatic computation of correlation coefficients for all variable pairs.
- Visualization: Graphical representation of the correlation matrix as a heatmap or color-coded display.
- Filtering: Ability to show or hide specific variables or correlation values.
- Statistical tests: Conducting significance tests for the correlations.
- Export function: Saving results in various formats such as PDF, Excel, or image files.
- Interactive exploration: Zoom and drill-down functions for detailed examination of individual correlations.
- Customizable color schemes: Option to individually design the visual representation.