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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.
a shop is selling laptops at regular price and at half price.If the laptops are regular price a day they will be at regular price tha day after with proba 2/3, if the laptops are a
Multiple imputation : The Monte Carlo technique in which missing values in the data set are replaced by m> 1 simulated versions, where m is usually small (say 3-10). Each of simula
Play-the-winner rule is a process sometimes considered in the clinical trials in which the response to treatment is positive (a success) or negative (a failure). One of two treatm
The Null Hypothesis - H0: β 1 = 0 i.e. there is homoscedasticity errors and no heteroscedasticity exists The Alternative Hypothesis - H1: β 1 ≠ 0 i.e. there is no homoscedasti
Lie factor : A measure suggested by Tufte for judging the honesty of the graphical presentation of data. Which can be calculated as follows The values close to one are desir
Point scoring is an easy distribution free method which can be used for the prediction of a response which is a binary variable from the observations on several explanatory variab
Prevalence : The measure of the number of people in a population who have a certain disease at a given point in time. It c an be measured by two methods, as point prevalence and p
a company suppliers specialized, high tensile Pins to customers. It uses an automatic lathe to produce the pins. Due to the factors such as vibration, temperature and wear and tear
ACC – A pioneer in the Indian cement industry Associated Cement Companies Ltd. (ACC) came into existence in 1936, after the merger of 10 companies belonging to four important bus
This is an alternative to the Newton-Raphson technique for optimization (finding out the minimum or the maximum) of some function, which includes replacing the matrix of second der
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