Multicollinearity in a dataset refers to the situation where two or more predictor variables are highly correlated, meaning that one can be linearly predicted from the others with a substantial degree of accuracy. In such cases, the correlation coefficient is a key statistical measure used to identify the presence of multicollinearity. It quantifies the degree to which two variables are linearly related.

The Variance Inflation Factor (VIF) is another commonly used metric that is derived from the correlation coefficient. It assesses how much the variance of an estimated regression coefficient increases if your predictors are correlated. If no factors are correlated, the VIFs will all be equal to 1.

While the other options listed—Chi-squared test, Two-sample f-test, and Two-way ANOVA—are valuable statistical tools, they serve different purposes and are not typically used to detect multicollinearity. The Chi-squared test is used for testing relationships between categorical variables, the Two-sample f-test compares variances across groups, and Two-way ANOVA is used to understand the interaction between two independent categorical variables on a continuous dependent variable.