Question

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Relying solely on the correlation coefficient is inadequate for assessing the degree of accuracy between predicted and actual values. While the correlation coefficient quantifies the strength and direction of the linear relationship between variables, it does not provide information about prediction precision.

Answer 1

[AI-generated answer — Bot GPT 3.5]

Using only the correlation coefficient is insufficient to determine the accuracy of predictions compared to actual values. While the correlation coefficient indicates the strength and direction of the linear relationship between variables, it does not give any insight into the precision of predictions.