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Monty Hall problem: A apparently counter-intuitive problem in the probability which gets its name from the TV game show, 'Let's Make a Deal' hosted by the Monty Hall. On show a participant is shown three doors behind one of which is the valuable prize and behind the other two are the booby prizes. The participant selects the door and then, before the opted door is opened, the host opens one the two left behind doors to reveal one of the booby prizes. The participant is asked if he/she would like to stay with originally selected door or switch to the other, as yet, unopened door. Number of people think that the switching doors makes no difference to the probability of winning the valuable prize but several people are wrong because switching doubles this probability from a third to two thirds.
Suppose we estimate the following model: Passengersi = 1 + 2Populationi + ui a) Generate a scatter plot with passengers on the vertical axis and population on the horizonta
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
The diagnostic tools or devices used to approach the closeness to the linearity of the non-linear model. They calculate the deviation of so-called expectation surface from the plan
Range is the difference between the largest and smallest observations in the data set. Commonly used as an easy-to-calculate measure of the dispersion in the set of observations b
An approach to decrease the size of very large data sets in which the data are first 'binned' and then statistics such as the mean and variance/covariance are calculated on each bi
The procedure for clustering variables in the multivariate data, which forms the clusters by performing one or other of the below written three operations: * combining two varia
The term which is used in the industrial experimentation, where there is commonly a large set of candidate factors believed to have the possible significant influence on the respon
Poisson regression In case of Poisson regression we use ηi = g(µi) = log(µi) and a variance V ar(Yi) = φµi. The case φ = 1 corresponds to standard Poisson model. Poisson regre
Labour force survey : This survey carried out in the UK on the quarterly basis since the spring of year 1992. It covers 60 000 households and gives labour force and other detail
Biplots: It is the multivariate analogue of the scatter plots, which estimates the multivariate distribution of the sample in a few dimensions, typically two and superimpose on th
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