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The process of providing the numerical value for the population parameter on the basis of information gathered from a sample. If a single ?gure is computed for the unknown parameter the process is known as point estimation. If an interval is computed which is likely to include the parameter, then the procedure is known as interval estimation.
An oil 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 company
Individual differences scaling is a form of multidimensional scaling applicable to the data comprising of a number of proximity matrices from the different sources that is differe
This term applied in the context of comparing the different methods and techniques of estimating the same parameter; the estimate with the lowest variance being regarded as the mos
Continuous variable : The measurement which is not restricted to the particular values except in so far as this is constrained by the accuracy of measuring instrument. General exam
K-means cluster analysis is the method of cluster analysis in which from an initial partition of observations into K clusters, each observation in turn is analysed and reassigned,
Classification and regression tree technique (CART): The alternative to the multiple regression and associated techniques or methods for determining subsets of the explanatory va
You and your team have been hired as strategic consultants by the hugely successful retailer known as “Cutie Pie”. The company sells many products, although one product in particul
Latent class analysis is a technique of assessing whether the set of observations including q categorical variables, in specific, binary variables, consists of the number of diffe
Chance events : According to the Cicero these are events which occurred or will occur in ways which are the uncertain-events which may happen, may not happen, or may happen in some
Human height growth curves : The growth of human height is, in common, remarkably regular, apart from the pubertal growth spurt. The satisfactory longitudinal development curve is
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