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Title: Covariance And Correlation Demystified
Author: Ricardo A. Nicholas
Source: 2004 Measurement Science Conference
Year Published: 2004
Abstract: Covariance and correlation can be somewhat of a mystery to evaluators of measurement uncertainty. Covariance, in particular, appears to be the most enigmatic, and therefore the least likely to be used. That need not be the case for those willing to learn or recall a few simple statistical theorems and study a small number of examples. A minimal mastery of them is a prerequisite to achieving a well-rounded competency in measurement uncertainty evaluation. Enabling the uncertainty evaluator to understand, calculate and correctly use these quantities in their work is the thrust of this paper.

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