Time Correlation Chart

TIME CORRELATION CHART

What Is It

A time correlation chart is a tool to determine if there is a relationship between two variables over time. The independent variable is plotted on one axis (x-axis), and the dependent variable is plotted on the other (y-axis). Though the chart does not predict cause and effect relationship, it does show the strength of the relationship between the two variables over time. In risk management, time correlation charts could be used, for example, to show if a relationship of a mitigation plan against product failures over time exists.

When To Use

Use the time correlation chart to identify potential relationship of two variables and its strength (after a Cause and Effect Analysis).

Benefits

This tool

Helps to identify relationships of two variables.
Graphically represents data collected.
Can identify trends before trigger values are reached.