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Bernoulli's Theorem If a trial of an experiment can result in success with probability p and failure with probability q (i.e.1-p) the probability of exactly r success in n tri
Index Number Meaning and Definitions of Index Number The index numbers are the special type of averages which are presented in percentages and computed on certain base.
Universe or Population The word universe as used in statistics denotes the aggregate from which a sample is to be taken. According to Simpson and Kafka, a universe or populatio
Simple Random Sampling In Simple Random Sampling each possible sample has an equal chance of being selected. Further, each item in the entire population also has an equal chan
Active Control Equivalence Studies (ACES) Clinical trials the field in which the object is easy to show that the new treatment is as good as the existing treatment. Such type
1. Definition of decision tree, 2. Feature of decision theory problem
Mean Absolute Deviation To avoid the problem of positive and negative deviations canceling out each other, we can use the Mean Absolute Deviation which is given by
Simulation When decisions are to be taken under conditions of uncertainty, simulation can be used. Simulation as a quantitative method requires the setting up of a mathematical
Explain the characteristics of business forecasting.
The Maju Supermarket stocks Munchies Cereal. Demand for Munchies is 4,000 boxes per year and the super market is open throughout the year. Each box costs $4 and it costs the store
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