TASK 2

The table below shows the correlation coefficients for the variable’s Price, Quality, and Time.

Table 2: Results of Correlation Analysis

Price Quality Time

Pearson
1 0.529** -0.273**
Price Correlation
Sig (2 tailed) 0.000 0.034
Pearson
0.529** 1 0.374**
Quality Correlation
Sig (2 tailed) 0.000 0.000
Pearson
-0.273** 0.374** 1
Time Correlation
Sig (2 tailed) 0.034 0.000
** Correlations are significant at 0.10.

Based on the correlation table above, interpret the values of variables. (10 marks)

1. Price and Quality:

- The correlation coefficient between Price and Quality is 0.529, which indicates a moderately
strong positive relationship between these two variables.

- The correlation is statistically significant at the 0.01 level (Sig = 0.000), suggesting that the
relationship between Price and Quality is unlikely to be due to random chance.

2. Price and Time:

- The correlation coefficient between Price and Time is -0.273, indicating a weak negative
relationship between these two variables.

- The correlation is statistically significant at the 0.05 level (Sig = 0.034), suggesting that the
relationship between Price and Time is unlikely to be due to random chance.

3. Quality and Time:

 - The correlation coefficient between Quality and Time is 0.374, indicating a moderately strong
positive relationship between these two variables.

- The correlation is statistically significant at the 0.01 level (Sig = 0.000), suggesting that the
relationship between Quality and Time is unlikely to be due to random chance.