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An oil 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 company
Helmert contrast is the contrast often used in analysis of the variance, in which each level of a factor is tested against average of the remaining levels. So, for instance, if th
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 in
Incubation period is the time elapsing amongs the receipt of infection and the appearance of the symptoms. The length of the incubation time period depends on the disease, ranging
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
Ordination is the procedure of reducing the dimensionality (that is the number of variables) of multivariate data by deriving the small number of new variables which contain much
Uncertainty analysis is the process for assessing the variability in the outcome variable that is due to the uncertainty in estimating the values of input parameters. A sensitivit
Bioinformatics : Essentially the application of the information theory to biology to deal with the deluge of the information resulting from the advances in molecular biology. The m
Multimodal distribution is the probability distribution or frequency distribution with number of modes. Multimodality is frequently taken as an indication which the observed di
Zero sumgame is a game played by the number of persons in which the winner takes all stakes given by the losers so that the algebraic sum of gains at any stage is zero. Number of
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