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Graduation is the term is employed most often in the application of the actuarial statistics to denote procedures by which the set or group of observed probabilities is adjusted to give a appropriate basis for the inferences and the further practical calculations to be done.
Martingale: In the gambling context the term at first referred to a system for recouping losses by doubling the stake after each loss has occured. The modern mathematical concept
The results of a survey determined whether the age of a driver 21 years and older has any effect on the number of motor vehicle accidents in which he/she is involved. Question 1:
Confidence interval : A range of the values, calculated from the sample observations which is believed, with the particular probability, to posses the true parameter value. A 95% c
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
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
Mean-range plot is the graphical tool or device useful in selecting a transformation in the time series analysis. The range is plotted against the mean for each of the seasona
The Null Hypothesis - H0: There is no heteroscedasticity i.e. β 1 = 0 The Alternative Hypothesis - H1: There is heteroscedasticity i.e. β 1 0 Reject H0 if |t | > t = 1.96
Models which make use of the smoothing techniques such as locally weighted regression to identify and represent the possible non-linear relationships between the explanatory and th
Non-identified response is a term used to signify censored observations in survival data, which are not independent of the endpoint of the interest. Such observations can happen f
An approach to investigations designed to recognize a particular medical condition in the large population, usually by means of a blood test, which might result in the considerable
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