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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.
methods of determining trend in time series?
A term commonly encountered in the application of the agglomerative hierarchical clustering techniques, where it refers to the 'tree-like' diagram illustrating the series of steps
sales per day for a product are as follows: x= 10, 11, 12, 13 (p)= 0.2, 0.4, 0.3, 0.1 obtain mean and variance of daily sale. if the profit is described by the following equation p
Cointegration : The vector of not motionless time sequence is said to be cointegrated if the linear combination of the individual series is stationary. Facilitates suitable testing
Collapsing categories : A procedure generally applied to contingency tables in which the two or more row or column categories are combined, in number of cases so as to yield the re
#explanation of methods of collection of data..
The biggest and smallest variate values among the sample of observations. Significant in various regions, for instance flood levels of the river, speed of wind and snowfall.
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
HOW TO CONSTRUCT A BIVARIATE FREQUENCY DISTRIBUTION
Ordinal variable is a measurement which allows a sample of the individuals to be ranked with respect to some characteristic but where differences at different points of the scale
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