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The Harmonic Mean is based on the reciprocals of numbers averaged. It is defined as the reciprocal of the arithmetic mean of the reciprocal of the given individual observations. Th
find the expected value of the mean square error and of the mean square reggression
We are interested in assessing the effects of temperature (low, medium, and high) and technical configuration on the amount of waste output for a manufacturing plant. Suppose that
how detect sources of error in sample survey
Circles or Pie Diagram: Circles or pie diagrams are alternative to squares. These are used for the same purpose i.e. when the values are differing widely in their magnitude
Analytical Approach We will illustrate this through an example. Example 1 A firm sells a product in a market with a few competitors. The average price charged by the
Assumption of extrapolation
The decision maker ranks lotteries according to the utility function (i) State the independence assumption. Does this decision maker satisfy it? (ii) Is this decision ma
First Moment of Dispersion or Mean Deviation Mean deviation or the average deviation is the measure if dispersion which is based upon all the items in a variable .It is the a
Types of business forecasting are generally as follows: 1. Sales and Demand forecasts 2. Porduction forecasts. 3. Cost Forecasts 4. Financi
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