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Median is the value in a set of the ranked observations which divides the data into two parts of equal size.
When there are an odd number of observations the median is middle value. When there is an even number of the observations the measure is calculated as the average of two central values. It provides a measure of the location of a sample which is suitable for asymmetric distributions and is also relatively insensitive to presence of outliers.
Multi co linearity is the term used in the regression analysis to indicate situations where the explanatory variables are related by a linear function, making the inference of the
Blinder Oaxaca method: A method or technique used for assessing the effect of the role of income on racial wealth gap. The method or technique is based on the decomposition of the
A radically different approach of dealing with the uncertainty than the traditional probabilistic and the statistical methods. The necessary feature of the fuzzy set is a membershi
Recursive models are the statistical models in which the causality flows in one direction, that is models which include only unidirectional effects. Such type of models do not inc
Geo statistics: The body of methods useful for understanding and modelling spatial variability in a course of interest. Central to these techniques is the idea that measurements t
t distribution
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:
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The approach to statistics based on a frequency view of probability in which it is supposed that it is possible to consider an in?nite sequence of the independent repetitions of th
Quality control procedures is the statistical process designed to ensure that the precision and accuracy of, for instance, a laboratory test, are maintained within the acceptable
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