The Pearson Correlation Coefficient is a statistical measure that evaluates the strength and direction of the linear relationship between two variables. It ranges from -1 to 1, where -1 indicates a perfect negative correlation, 1 indicates a perfect positive correlation, and 0 signifies no correlation. This coefficient helps researchers understand 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. It is widely used in various fields, including psychology, economics, and health sciences, to analyze relationships between different factors.