The Pearson Product Moment Correlation Coefficient (r) measures the strength of the linear relationship between two variables. The r value is calculated using a formula involving the sum of the products of paired values and sum of squares for the two variables. r values range from +1 to -1, with values closer to these extremes indicating a stronger correlation and values closer to 0 indicating a weaker or no correlation. A positive r represents a positive correlation and a negative r represents a negative correlation. The example calculates r = 0.962 for time spent studying and test scores, indicating a strong positive correlation.