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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.
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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
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
Convex hull trimming : A procedure which can be applied to the set of bivariate data to permit robust estimation of the Pearson's product moment correlation coef?cient. The points
Multiple comparison tests : Procedures for detailed examination of the differences between a set of means, generally after a general hypothesis that they are all equal has been rej
How has quantitative analysis changed the current scenario in the management world today?
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
Using World Bank (2004) World Development Indicators; Washington: International Bank for Reconstruction & Development/ The World Bank, located in the reference section of the Learn
moving and semi average method graphical reprsentation
An auditor for a government agency needs to evaluate payments for doctors' office visits paid by Medicare in a small regional town during the month of June. A total of 25,056 visit
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