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Occam's razor is an early statement of the parsimony principle, which was given by William of Occam (1280-1349) namely 'entia non sunt multiplicanda praeter necessitatem'; which m
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
methods of measuring trend
Historical controls : The group of patients treated in the past with the standard therapy, taken in use as the control group for evaluating the new treatment on the present patient
There is high level of fluctuation in a zigzag pattern in the time series for RESI1 which indicates that there is possibly negative autocorrelation present. Column C11 show
Suppose that $4 million is available for investment in three projects. The probability distribution of the net present value earned from each project depends on how much is invest
This term is sometimes used for the analysis of data from the clinical trial in which treatments A and B are to be compared under the suppositions that the patients remain on their
What is statistical inference? Statistical inference can be defined as the method of drawing conclusions from data which are subject to random variations. This is based o
Chain-binomial models : Models arising in mathematical theory of the quite infectious diseases, which postulate that at any stage in the epidemic there are a certain number of the
Non central distributions is the series of probability distributions each of which is the adaptation of one of the standard sampling distributions like the chi-squared distributio
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