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importance of mathamatical expection in business
Multilevel models are the regression models for the multilevel or clustered data where units i are nested in the clusters j, for example a cross-sectional study where students are
The graphic representation of the alternatives in a decision making problem which summarizes all the possibilities foreseen by the decision maker. For instance, suppose we are give
Law of likelihood : Within framework of the statistical model, a particular set of data supports one statistical hypothesis or assumption better than another if the likelihood of t
Pattern recognition is a term for a technology that recognizes and analyses patterns automatically by machine and which has been used successfully in many areas of application inc
Monty Hall problem : A apparently counter-intuitive problem in the probability which gets its name from the TV game show, 'Let's Make a Deal' hosted by the Monty Hall. On show a pa
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
What is a Generalized Linear Model? A traditional linear model is of the form where Yi is the response variable for the ith observation, xi is a column vector of explanator
seven questions
Duck Lovers Unlimited (DLU) Inc. assembles specially configured light jet aircrafts for airborne duck hunting. The quarterly demand forecasts for the upcoming fiscal year are:
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