This tool calculates the covariance for each pair of variables and can be used to measure the relationship between two variables. Unlike Pearson correlation coefficient, covariance value is not standardized using standard deviation of the pair of variables.
Note: Limited to 10 variables at one time.
At the Excel Menu (For Excel 2007, go to Add-ins first)
Choose ProcessMA > Statistics > Basic Statistics > Covariance
In Variables, select the columns containing the data (Numeric, >=2 Variables)
Click OK
You have data on the sales revenue, number of sales representatives on the field, the amount spent on marketing and the range of products offered. You want to find out if there are correlated.
Open data worksheet by choosing ProcessMA > Tools > Data
Choose ProcessMA > Statistics > Basic Statistics > Covariance
In Variables, select G - Sales, H - Reps, I - Marketing, J - Products
Check Plot Partial
Click OK
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