Multicollinearity is one of those terms in statistics that is often defined in one of two ways:
1. Very mathematical terms that make no sense — I mean, what is a linear combination anyway?
2. Completely oversimplified in order to avoid the mathematical terms — it’s a high correlation, right?
So what is it really? In English?
Ratios are everywhere in statistics—coefficient of variation, hazard ratio, odds ratio, the list goes on. You see them reported in the literature and in your output.
You comment on them in your reports. You even (kinda) understand them. Or, maybe, not quite?
Please join Elaine Eisenbeisz as she presents an overview of the how and why of various ratios we use often in statistical practice.