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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
The Null Hypothesis - H0: There is no heteroscedasticity i.e. β 1 = 0 The Alternative Hypothesis - H1: There is heteroscedasticity i.e. β 1 0 Reject H0 if Q = ESS/2 >
Concordant mutations test : A statistical test used in the cancer studies to determine whether or not a diagnosed second primary tumour is biologically independent of the original
Lagging indicators: The part of a collection of the economic time series designed to give information about the broad swings in measures of the aggregate economic activity known a
Evaluate the following statistical arguments. Begin by identifying the sample, population, and the property which is being investigated. Do these arguments sound acceptable? Would
This is the branch of mathematics which deals with the theory of contests between two or more players under the specified sets of rules. The subject supposes a statistical aspect w
Model is the description of the supposed structure of a set of observations which can range from a fairly imprecise verbal account to, more commonly, a formalized mathematical exp
Response surface methodology (RSM): The collection of the statistical and mathematical methods useful for improving, developing, and optimizing processes with significant applicat
National lotteries : Games of chance held to heave money for particular causes. The first held in the UK took place in the year 1569 principally to raise money for repair of the Ci
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
Misspecification is the term is applied to describe the assumed statistical models which are incorrect for one of the several of reasons, for instance, using the wrong probability
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