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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 given the below written problem.
A physician should choose between two treatments. The patient is known to have one of the two diseases but the diagnosis is not very certain. A thorough examination of the patient was not able to resolve the diagnostic uncertainty. The best which can be said is that the probability which the patient has disease A is p. An easy decision tree for the problem is shown in the figure drawn below.
an oil company is considering whether or not to bid for an offshore drilling contract. The bid would cost $60 with a 65% chance of gaining the contract. Outcome success Probability
Linearity - Reasons for Screening Data Many of the technics of standard statistical analysis are based on the assumption that the relationship, if any, between variables is li
Principal components analysis is a process for analysing multivariate data which transforms original variables into the new ones which are uncorrelated and account for decreasing
Balanced incomplete block design : A design in which all the treatments are not used in all blocks. Such designs have the below stated properties: * each block comprises the
show all the ways in which 3 games of football can be concluded(it can be a win W,a loss L,or a draw X)
Observation-driven model is a term generally applied to models for the longitudinal data or time series which introduce within the unit correlation by specifying the conditional
Mention the characteristics of Statistics. Explain any two applications of Statistics.
Genetic algorithms: The optimization events motivated by the biological analogies. The prime idea is to try to mimic the 'survival of the fittest' rule of the genetic mutation in
Non-response is the term generally used for the failure to give the relevant information being collected in the survey. Poor response can be because of the variety of causes, for
Contour plot : A topographical map drawn from data comprising observations on the three variables. One variable is represented on horizontal axis and the second variable is represe
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