I have been working on this, can you please do me a favour and have a look at this https://www.kaggle.com/neomatrix369/studying-the-limitations-of-stats-measurements/
and give me some constructive comments, if possible put some comments in the comments section of the notebook.
If something isn't clear or is incorrect then please also let me know. I'm sure you are aware of coefficient correlation and other stats functions that have shortcomings, I'm slowly exploring them.
Feel free to share it with your #datascience friends as well, since the ideas in the notebook are fairly fresh but also at an early stage.
PS: take your time with it, but all notes and comments on it will greatly help all parties concerned