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It is the art of attempting to exchange something quite small and certain, for something which are large and uncertain. Gambling is big business; in the US, for instance, it is at least a $40-billion-a-year industry. The popular forms of gambling are basically national lotteries, roulette and horse racing. For these (and diffrenent types of gambling) it is relatively simple to apply statistical methods or techniques to discover the chances of winning, but in no form of gambling does the statistical analysis increase your chances of winning.
Biplots: It is the multivariate analogue of the scatter plots, which estimates the multivariate distribution of the sample in a few dimensions, typically two and superimpose on th
Profile plots is a technique of representing the multivariate data graphically. Each of the observation is represented by a diagram comprising of a sequence of equispaced vertical
Software which started out as the spreadsheet targeting at manipulating the tables of number for financial analysis, which has now developed into a more flexible package for workin
The technique of sampling used in the ecology for determining how much plants or animals are in a given fixed region. A set of randomly placed lines or points is recognized and the
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Imprecise probabilities is a n approach used by soft techniques in which uncertainty is represented by the closed, convex sets of probability distributions and the probability of
What is the EM?
Classification and regression tree technique (CART): The alternative to the multiple regression and associated techniques or methods for determining subsets of the explanatory va
Mosaic displays is the graphical display of the standardized residuals from the fitting a log-linear model to a contingency table in which the colour and outline of the mosaic's '
Collective risk models : The models applied to insurance portfolios which do not create direct reference to the risk characteristics of individual members of the portfolio when des
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