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Uses
Arithmetic mean is widely used because of the following reasons:
Mean is the simplest average to understand and easy to compute.
It is relatively reliable in the sense that it does not vary too much when repeated samples are taken from one and the same population, at least not as much as some other kind of statistical descriptions.
The mean is typical in the sense that it is the center of gravity balancing the values on either side of it.
Methods of Forecasting Various techniques which are generally used in business forecasting are as under: 1. Forecasting through the opinion of heads of department
Assume that a simple random sample has been selected from a normally distribute population and test the given claim. Identify the null and alternative hypotheses, test statistic,
introduction of median
rules for constructing the diagrames
The quick method for a confidence interval for a proportion uses as an approximation for a 95% confidence interval. The margin of error in this case is slightly larger tha
defin fair game
2 bidders have identical valuations of an object for sale. The value of the object is either 0; 50 or 100, with equal probabilities. The object is allocated to one of the bidders i
The file Midterm Data.xls has a tab labeled "Income Data 2009". This data is collected income data from a sample of 400 people in 2009. Use a hypothesis test to see whether the av
Lorenz Curve It is a graphic method of measuring dispersion. This curve was devised by Dr. Max o Lorenz a famous statistician. He used this technique for wealth it i
practical application of standard error
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