An internal auditor wants to examine the intensity of correlation between electricity price and wind speed. Which of the following analytical approaches would be most appropriate for this purpose?
A scatter diagram plots two variables on a graph to examine whether there is a correlation or relationship. Here, electricity price and wind speed can be plotted to test if changes in one relate to changes in the other.
A Gantt chart (A) is for project scheduling.
A RACI chart (C) clarifies roles and responsibilities.
A SIPOC diagram (D) maps processes.
Therefore, the best analytical tool for correlation analysis is the scatter diagram.
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