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Can any one explain what is the practical importance of Covariance matrix. Please clearly explain what information it gives on data sets. What type of tools we use? In which type of algorithms it is useful. Graphical veiw etc. So please mentions all the information related to Covariance matrix.
This question is marked "community wiki".
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Is this a homework question? If so, why don't you just read wikipedia (or do you really think we're better writers than wikipedia editors?)?