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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.
Cascadedparameters: A group of parameters which is interlinked and where selecting the value for the ?rst parameter affects the choice and option available in the subsequent param
Blinder Oaxaca method: A method or technique used for assessing the effect of the role of income on racial wealth gap. The method or technique is based on the decomposition of the
Briefly explain the importance of forecasting for managers?
Computer-intensive methods : The statistical methods which require almost identical computations on the data repeated number of times. The term computer intensive is, certainly, a
data modelling
5. Packages from a machine a normally distributed with a mean 200g and its standard deviation 2grams. Find the probability that a package from the machine weighs a) Less than
Recurrence risk : Usually the probability that an individual experiences an event of interest given previous experience(s) of the event; for example, the probability of recurrence
Residual plots are the plots of some type of residual which might be helpful in assessing the assumption made by the fitted model. In regression analysis there are various method
what is goal post mentality?
O'Brien's two-sample tests are the extensions of the conventional tests for assessing the differences between treatment groups which take account of the possible heterogeneous nat
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