Question
Explain Spearman's Rank Correlation method.
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Answer
Rank correlation method was developed by Charles Edward Spearman. It is based on the ranking of various values of the variables. This method is specially useful in cases where quantitative measurement of certain variables such as intelligence, beauty, honesty, etc. is not possible but such variables can be assigned ranks. The following formulae is used for the computation of rank correlation coefficient:$\text{r}_\text{k}=1-\frac{6\Sigma\text{D}^2}{\text{n}^3-\text{n}}$ (When rank are not repeated)
$\text{r}_\text{k}=\frac{6\bigg[\Sigma\text{D}^2+\frac{(\text{m}^3_1-\text{m}_1)}{12}+\frac{(\text{m}^3_2-\text{m})}{12}+\dots\bigg]}{\text{n}^3-\text{n}}$ (When ranks are repeated).
$\text{r}_\text{k}=\frac{6\bigg[\Sigma\text{D}^2+\frac{(\text{m}^3_1-\text{m}_1)}{12}+\frac{(\text{m}^3_2-\text{m})}{12}+\dots\bigg]}{\text{n}^3-\text{n}}$ (When ranks are repeated).
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