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The Harmonic Mean is based on the reciprocals of numbers averaged. It is defined as the reciprocal of the arithmetic mean of the reciprocal of the given individual observations. Thus, by definition
HM
Where X1, X2, X3, etc. refer to various items of the variable.
Types of business forecasting are generally as follows: 1. Sales and Demand forecasts 2. Porduction forecasts. 3. Cost Forecasts 4. Financi
Primary and Secondary Data: Primary Data: These data are those are collected for the first time. Thus primary data are original in character and gathered by actual observat
b. A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y
Analytical Approach We will illustrate this through an example. Example 1 A firm sells a product in a market with a few competitors. The average price charged by the
Cluster Sampling Here the population is divided into clusters or groups and then Random Sampling is done for each cluster. Cluster Sampling differs from Stratified Sampl
.1 Modern hotels and certain establishments make use of an electronic door lock system. To open a door an electronic card is inserted into a slot. A green light indicates that the
Examining the Population Variance Business decision making does not limit itself to setting up the hypothesis to test for the equality of more than two means or proportions sim
Accident proneness A personal psychological issue which affects the individual's probability of suffering the accident. The concept has been studied statistically under the num
Consider a Cournot duopoly with two firms (fi rm 1 and fi rm 2) operating in a market with linear inverse Demand P(Q) = x Q where Q is the sum of the quantities produced by both
Measurement of trend , least square method
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