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Categorical variable: A variable which provides the appropriate label of observation after the allocation to one of the several possible categories, for instance, the respiratory status can be excellent, terrible, fair, poor, good, or blood group which can be AB, A, B, or O. Respiratory status is an example of an ordered categorical variable or ordinal variable whereas blood type is an example of the unordered categorical variable.
Ask quesoil company is considering whether or not to bid for an offshore drilling contract. If they bid, the value would be $600m with a 65% chance of gaining the contract. The com
HOW TO OBTAIN THE LASPEYRES QUANTITY INDEX AND THE FORMULA
Randomized encouragement trial is the clinical trials in which the participants are encouraged to change their behaviour in a particular manner (or not, if they are allocated to
1) Let N1(t) and N2(t) be independent Poisson processes with rates, ?1 and ?2, respectively. Let N (t) = N1(t) + N2(t). a) What is the distribution of the time till the next epoch
Probability distribution : For the discrete random variable, a mathematical formula which provides the probability of each value of variable. See, for instance, binomial distributi
Quota sample is the sample in which the units are not selected at the random, but in terms of a particular number of units in each of a number of categories; for instance, 10 men
1.Sam Lucarelli, owner of Lucarelli Products, is evaluating whether to produce a new product line. After thinking through the production process and the costs of raw materials and
For a career woman, wearing lipstick has become an integral part of her daily life. It is not unusual for a woman to look for a lipstick that will stay on her lips and not smudge o
Human capital model : The model for evaluating the economic implication of the disease in terms of the economic loss of a person succumbing to morbidity or the mortality at some pa
Ordinal variable is a measurement which allows a sample of the individuals to be ranked with respect to some characteristic but where differences at different points of the scale
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