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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
Categorizing continuous variables : A practice which involves the conversion of the continuous variables into the series of the categories, which is common in the field of medical
Balanced incomplete block design : A design in which all the treatments are not used in all blocks. Such designs have the below stated properties: * each block comprises the
In the experimental studies, the collection of individuals to which the experimental process of interest is not applied. In the observational studies, most often used for a collect
Clinical vs. statistical significance : The distinction among results in terms of their possible clinical importance rather than simply in terms of their statistical importance. Wi
Randomization tests are the procedures for determining the statistical significance directly from the data with- out recourse to some particular sampling distribution. For instanc
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
The problem that the studies are not uniformly probable to be published in the scientific journals. There is evidence that the statistical significance is a main determining factor
The alternative process to make use of the chi-squared statistic for assessing the independence of the two variables forming a two-by-two contingency table particularly when expect
Lie factor : A measure suggested by Tufte for judging the honesty of the graphical presentation of data. Which can be calculated as follows The values close to one are desir
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