Effective management of one's own career requires a skill set that includes adaptability, tolerance for ambiguity, self-awareness, and ability to identify change. Management professors at Pace University (New York) used correlation coefficients to investigate the relationship between these "meta skills" and effective career management (International Journal of Manpower, Aug. 2000). Data were collected for 446 business graduates who had all completed a management meta skills course. Two of the many variables measured were self-knowledge skill level (x) and goal-setting ability (y). The correlation coefficient for these two variables was r = .70.
a. Give a practical interpretation of the value of r.
b. The p-value for a test of no correlation between the two variables was reported as p-value = .001. Interpret this result.
c. Find the coefficient of determination, r2, and interpret the result.