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Probability judgements: Human beings often require assessing the probability which some event will occur and accuracy of these probability judgements often determines success of our actions and our decisions. There is strong evidence that the human probability judgements are biased on the overestimation of low probabilities.
Mixture experiment is an experiment in which the two or more ingredients are blended together to form an end product. The measurements are taken on the several blends of the ingre
The plot of the number of cases of the disease against the time period. A large and sudden increase corresponds to an epidemic. The example of this is shown in the figure drawn bel
Item-total correlation is an extensively used method for checking the homogeneity of the scale made up of number of items. It is simply the Pearson's product moment correlation c
Ask questioThe finance manager of ‘Softy’ baby soap manufacturing company being successful in the first two years of the company’s operations is considering setting up another plan
we are testing : Ho: µ=40 versus Ha: µ>40 (a= 0.01) Suppose that the test statistic is z0=2.75 based on a sample size of n=25. Assume that data are normal with mean mu and standa
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
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 >
Yate s' continuity correction : When the testing for independence in contingency table, a continuous probability distribution, known as chi-squared distribution, is used as the app
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
Quota sample is the sample in which the units are not selected at the random, but in terms of a particular number of units in each of a number of categories; for instance, 10 men
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