S5 0716+714 is a well-studied BL Lac object in the sky. Verifying the existence of correlations among the flux variations in different bands serves as an important tool to investigate the emission processes. To examine the possible existence of a lag between variations in different optical bands on this source, we employ a discrete correlation function analysis on the light curves. In order to obtain statistically meaningful values for the cross-correlation time lags and their related uncertainties, we perform Monte Carlo simulations called ‘flux redistribution/random subset selection’. Our analysis confirms that the variations in different optical light curves are strongly correlated. The time lags show a hint of the variations in high frequency band leading those in low frequency band of the order of a few minutes.