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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.
Probability distribution : For the discrete random variable, a mathematical formula which provides the probability of each value of variable. See, for instance, binomial distributi
Briefly explain the importance of forecasting for managers?
Prior distributions : The probability distributions which summarize the information about a random variable or parameter known or supposed at a given time instant, prior to attaini
Formal graphical representation of the "causal diagrams" or the "path diagrams" where the relationships are directed but acyclic (that is no feedback relations allowed). Plays an
Quincunx is the device used by Galton to illustrate his lectures, which is shown in the Figure. It had a glass face and a funnel at its top. The shot was passed through funnel an
Bimodal distribution : The probability distribution, or we can simply say the frequency distribution, with two modes. Figure 15 shows the example of each of them
Classification and regression tree technique (CART): The alternative to the multiple regression and associated techniques or methods for determining subsets of the explanatory va
Bivariate boxplot : A bivariate analogue of boxplot in which the inner area contains 50%of the data, and a 'fence' helps to identify the potential outliers. Robust methods or techn
Graphical deception : Statistical graphics which are not as honest as they should be. It is relatively simple. To mislead the unwary with the graphical material. For instance, c
Why Graph theory? It is the branch of mathematics concerned with the properties of sets of points (vertices or nodes) some of which are connected by the lines known as the edges. A
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