Classification / Types of Industries

There are various types of industries. These are mentioned as follows :1. Primary Industry

Primary industry is concerned with production of goods with the help of nature. It is a natureoriented industry, which requires very little human effort. E.g. Agriculture, farming, forestry, fishing, horticulture, etc. 2. Genetic Industry

Genetic industries are engaged in re-production and multiplication of certain spices of plants and animals with the object of sale. The main aim is to earn profit from such sale. E.g. plant nurseries, cattle rearing, poultry, cattle breeding, etc.

3. Extractive Industry

Extractive industry is concerned with extraction or drawing out goods from the soil, air or water. Generally products of extractive industries come in raw form and they are used by manufacturing and construction industries for producing finished products. E.g. mining industry, coal mineral, oil industry, iron ore, extraction of timber and rubber from forests, etc.

4. Manufacturing Industry

Manufacturing industries are engaged in transforming raw material into finished product with the help of machines and manpower. The finished goods can be either consumer goods or producer goods. E.g. textiles, chemicals, sugar industry, paper industry, etc.

5. Construction Industry

Construction industries take up the work of construction of buildings, bridges, roads, dams, canals, etc. This industry is different from all other types of industry because in case of other industries goods can be produced at one place and sold at another place. But goods produced and sold by constructive industry are erected at one place.

6. Service Industry

In modern times service sector plays an important role in the development of the nation and therefore it is named as service industry. The main industries, which fall under this category, include hotel industry, tourism industry, entertainment industry, etc. Spearman Rank Correlation Coefficient

A nonparametric (distribution-free) rank statistic proposed by Spearman in 1904 as a measure of the strength of the associations between two variables (Lehmann and D'Abrera 1998). The Spearman rank correlation coefficient can be used to give an R-estimate, and is a measure of monotone association that is used when the distribution of the data make Pearson's correlation coefficient undesirable or misleading.

The Spearman rank correlation coefficient is defined by r^'=1-6sum(d^2)/(N(N^2-1)),

where is the difference in statistical rank of corresponding variables, and is an approximation to the exact correlation coefficient A Spearman correlation of 1 results when the two variables being compared are monotonically related, even if their relationship is not linear. In contrast, this does not give a perfect Pearson correlation. When the data are roughly elliptically distributed and there are no prominent outliers, the Spearman correlation and Pearson correlation give similar values. The Spearman correlation is less sensitive than the Pearson correlation to strong outliers that are in the tails of both samples. Coefficient of Nonlinear Relationship (eta) It is often useful to measure a relationship irrespective of if it is linear or not. The eta correlation ratio or eta coefficient gives us that ability. This statistic is interpretted similar to the Pearson, but can never be negative. It utilizes equal width intervals and always exceeds |r|. However, even though r is the same whether we regress y on x or x on y, two possible values for eta can be obtained.