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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.
Hypothesis testing is a general term for procedure of assessing whether the sample data is consistent or otherwise with statements made about the population. It basically tells u
Two-phase sampling is the sampling scheme including two distinct phases, in the first of which the information about the particular variables of interest is collected on all the m
You may have the opportunity to buy some electronic components. These components may be reliable (1) or unreliable (2). The potential pro?ts are £10,000 if the components are rel
Non parametric maximum likelihood (NPML) is a likelihood approach which does not need the specification of the full parametric family for the data. Usually, the non parametric max
Component bar chart : A bar chart which shows the component parts of the aggregate represented by the whole length of the bar. The component parts are shown as the sectors of bar w
A comprehensive regression analysis of the case study London has been carried out to test the 4 assumptions of regression: 1. Variables are normally distributed 2. Linear rel
This is the powerful visualization tool for studying how the response relies on an explanatory variable given the values of other explanatory variables. The plot comprises of a num
How is the rejection region defined and how is that related to the z-score and the p value? When do you reject or fail to reject the null hypothesis? Why do you think statisticians
The method of summarizing the large amounts of data by forming the frequency distributions, scatter diagrams, histograms, etc., and calculating statistics like means variances and
(a) You are trying to develop a strategy for investing in two different stocks, Stock A and Stock B. The anticipated annual return for a $1000 investment in each stock under four
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