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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.
Misspecification is the term is applied to describe the assumed statistical models which are incorrect for one of the several of reasons, for instance, using the wrong probability
Greenhouse geissercorrection is the method of adjusting the degrees of freedom of the within- subject F-tests in the analysis of the variance of longitudinal data so as to allow t
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
Minimum volume ellipsoid is a term for ellipsoid of the minimum volume which covers some specified proportion of the set of multivariate data. It is commonly used to construct rob
Infant mortality rate is the ratio of the number of deaths during the calendar year among the infants under one year of age to the total number of live births during that particul
The Null Hypothesis - H0: γ 1 = γ 2 = ... = 0 i.e. there is no heteroscedasticity in the model The Alternative Hypothesis - H1: at least one of the γ i 's are not equal
Multiple correlation coefficient is the correlation among the observed values of dependent variable in the multiple regression, and the values predicted by estimated regression
Discuss the use of dummy variables in both multiple linear regression and non-linear regression. Give examples if possible
Least significant difference test is an approach to comparing a set of means which controls the family wise error rate at some specific level, let's assume it to be α. The hypothe
The nonparametric Bayesian inference approach to using the finite mixture distributions for modelling data suspected of the containing distinct groups of observations; this approac
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