Correlation - is a statistical measure to quantify the strength of the relationship between two quantitative and continuous variables. The relationship can be one of the following
Positive - increasing one variable would increase the other
Negative - increasing one variable would decrease the other
No Correlation - increasing one variable has no impact on the other
Correlation is usually denoted by Pearson's Correlation Coefficient (r) and it ranges from -1 to 1.
-1: Perfect negative correlation
0: No correlation
1: Perfect positive correlation
Causation / Causality
Causation/Causality is the relationship between an outcome or an event and a potential reason or the cause. Two variables are said to be in a causal relationship when one variable (input variable) leads to or affects the second variable (output variable)
An application-oriented question on the topic along with responses can be seen below. The best answer was provided by
Natwar Lal on 15th June 2019.
Applause for all the respondents- Amlan Dutta, Natwar Lal.
Also review the answer provided by Mr Venugopal R, Benchmark Six Sigma's in-house expert.