You use a line of best fit for a set of data to make a prediction about an unknown value. The correlation coefficient for your data set is 0.984. How confident that your predicted value will be reasonably close to the actual value?
With a correlation coefficient of 0.984, you can be reasonably confident that your predicted value will be close to the actual value. A correlation coefficient close to 1 indicates a strong linear relationship between the variables in your data set, suggesting that the line of best fit is a good representation of the data. However, it is important to consider other factors such as the variability of the data and the presence of outliers before making a prediction.
