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VIF is the abbreviation of variance inflation factor which is a measure of the amount of multicollinearity that exists in a set of multiple regression variables. *The VIF value
Maximum likelihood estimation is an estimation procedure involving maximization of the likelihood or the log-likelihood with respect to the parameters. Such type of estimators is
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
The division of a sample of observations into several classes, together with the number of observations in each of them. It acts as a useful summary of the main features of the da
Ask quesoil 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 com
The Null Hypothesis - H0: Model does not fit the data i.e. all slopes are equal to zero β 1 =β 2 =...=β k = 0 The Alternative Hypothesis - H1: Model does fit the data i.e. at
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
This term sometimes used to describe the extra factor in variance of the sample mean when n sample values are drawn without the replacement from the finite population of size N. Th
Duck Lovers Unlimited (DLU) Inc. assembles specially configured light jet aircrafts for airborne duck hunting. The quarterly demand forecasts for the upcoming fiscal year are:
High-dimensional data : This term used for data sets which are characterized by the very large number of variables and a much more modest number of the observations. In the 21 st
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