Detailed investigation of broadband flux variability in the blazar 3C 273 allows us to probe the location and size of emission regions and their physical conditions . We report the results on correlation studies of the flaring activity in 3C 273 observed for a period between 2008 and 2012 . The observed broadband variations were investigated using the structure function and the discrete correlation function methods . Starting from the common use of power spectral density analysis ( PSD ) at X-ray frequencies , we extended our investigation to characterize the nature of variability at radio , optical , and \gamma -ray frequencies . The PSD analysis showed that the optical/IR light curve slopes are consistent with the slope of white noise processes ; while , the PSD slopes at radio , X-ray and \gamma -ray energies are consistent with red-noise processes . We found that the estimated fractional variability amplitudes have a strong dependence on the observed frequency . The flux variations at \gamma -ray and mm-radio bands are found to be significantly correlated . Using the estimated time lag of ( 110 \pm 27 ) days between \gamma -ray and radio light curves where \gamma -ray variations lead the radio bands , we constrained the location of the \gamma -ray emission region at a de-projected distance of 1.2 \pm 0.9 pc from the jet apex . Flux variations at X-ray bands were found to have a significant correlation with variations at both radio and \gamma -rays energies . The correlation between X-rays and \gamma -rays light curves provides a hint of two possible time lags , which suggests presence of two components responsible for the X-ray emission . A negative time lag of - ( 50 \pm 20 ) days , where the X-rays are leading the emission , suggests X-rays are emitted closer to the jet apex from a compact region ( 0.02–0.05 pc in size ) i.e . most likely from the corona at a distance of ( 0.5 \pm 0.4 ) pc from the jet apex . A positive time lag of ( 110 \pm 20 ) days ( \gamma -rays are leading the emission ) suggests jet-base origin of the other X-ray component at \sim 4–5 pc from the jet apex . The flux variations at radio frequencies were found to be well correlated with each other such that the variations at higher frequencies are leading the lower frequencies , which could be expected in the standard shock-in-jet model .