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A unified approach to all problems of prediction, estimation, and hypothesis testing. It is based on concept of the decision function, which tells the performer of experiment how to conduct the statistical aspects of an experiment and which action to take for each possible outcome. Choosing the decision function needs a loss function to be defined which assigns numerical values to making bad or good decisions. Explicitly a general loss function is denoted by L d; expressing how bad it would be to make decision d if the parameter value were. A quadratic loss function, it could be defined as and a bilinear loss function as
Remedian: The robust estimator of location which is computed by an iterative process. By assuming that the sample size n can be written as bk where b and k are the integers, the s
Atomistic fallacy : A fallacy which arises because of the association between two variables at the individual level might vary from the association between the same two variables m
Regression dilution is the term which is applied when a covariate in the model cannot be measured directly and instead of that a related observed value must be used in analysis. I
wat iz z difference b/n logistic regression and multiple regression analysis /
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
K-means cluster analysis is the method of cluster analysis in which from an initial partition of observations into K clusters, each observation in turn is analysed and reassigned,
Window variables are the variables measured during the constrained interval of an observation period which is accepted as the proxies for the information over the whole period. Fo
You and your team have been hired as strategic consultants by the hugely successful retailer known as “Cutie Pie”. The company sells many products, although one product in particul
Advantages and disadvantages of Integrated Economic Statistics
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
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