Pearson Correlation is a statistical measure that evaluates the strength and direction of the linear relationship between two variables. It produces a value between -1 and 1, where -1 indicates a perfect negative correlation, 1 indicates a perfect positive correlation, and 0 signifies no correlation. This measure helps in understanding how closely related two sets of data are. To calculate the Pearson Correlation coefficient, you can use the formula that involves the covariance of the two variables divided by the product of their standard deviations. This method is widely used in various fields, including psychology, economics, and health sciences, to analyze relationships between different factors.