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Mode The mode is the value which occurs most frequently in a set of observations on the point of maximum frequency and around which other items of the set cluste
The regression line should be drawn on the scatter diagram in such a way that when the squared values of the vertical distance from each plotted point to the line are added, the to
Statistical Process Control The variability present in manufacturing process can either be eliminated completely or minimized to the extent possible. Eliminating the variabilit
discuss the advantages and disadvantages of measures of dispersions
Grouped Data In order to find the median, the median class is to be first located and then interpolation is to be used by assuming that items are evenly spaced over the entire
Cluster Analysis could be also represented more formally as optimization procedure, which tries to minimize the Residual Sum of Squares objective function: where μ(ωk) - is a centr
Construct index numbers of price for the following data by applying: i) Laspeyre’s method ii) Paasche’s method iii) Fisher’s Ideal Index number
how to determine GRR?
1. Suppose you are estimating the imports (from both the U.S. mainland and foreign countries) of fuels and petroleum products in Hawaii (the dependent variable). The values of the
Meaning and Definitions of Business Forecasting The problem of business forecasting refers to the analysis of the past and present economic conditions. With the objectiv
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