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Indirect standardization is the procedure of adjusting the crude mortality or morbidity rate for one or more variables by making use of a known reference population. It may, for instance, be needed to compare cancer mortality rates of single and married women with the adjustment being made for the likely different age distributions in two groups. Age-specific mortality rates in the reference population are applied individually to the age distributions of the two groups to obtain the probable number of deaths in each. These can then be summed with the observed number of deaths in the two groups to obtain comparable mortality rates.
Law of likelihood : Within framework of the statistical model, a particular set of data supports one statistical hypothesis or assumption better than another if the likelihood of t
a psychic claims to be able to "feel colors" there are three pieces of colored paper(red, blue,green) he will place his hand on radomly selected pieces while blindfolded. you perfo
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 t
Q1: The growth in bad debt expense for Aptara Pvt. Ltd. Company over the last 20 years is as follows. 1997 0.11 1998 0.09 1999 0.08 2000 0.08 2001 0.1 2002 0.11 2003 0.12 2004 0.1
A unified approach to all problems of prediction, estimation, and hypothesis testing. It is based on concept of the decision function, which tells the performer of experiment how t
The variables appearing on the right-hand side of equations defining, for instance, multiple regressions or the logistic regression, and which seek to predict or 'explain' response
Range is the difference between the largest and smallest observations in the data set. Commonly used as an easy-to-calculate measure of the dispersion in the set of observations b
Machine learning is a term which literally means the ability of a machine to recognize patterns which have occurred repetitively and to improve its performance based on the past
Basic reproduction number : A term used in the theory of infectious diseases for the number of secondary cases which one case would generate in a completely susceptible population.
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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