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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.
Calculation of Degrees of Freedom First we look at how to calculate the number of DOF for the numerator. In the numerator since we calculate the variance from the sample means,
You have an assembly line which produces 1L bottles of seltzer with a standard deviation of 0.05L. • Assuming the distribution of volume is normal, what is the chance any single
The cornlnunalities h j represent the fraction of the total variance' 'accounted for of variabie j. Ry calculating the communalities we can keep track of how much of-the orig
The decision maker ranks lotteries according to the utility function (i) State the independence assumption. Does this decision maker satisfy it? (ii) Is this decision ma
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
We want to investigate the income data. In the Excel file Midterm Data.xls there is a tab labeled "Income Data 2006". The data in the tab is the income reported by 400 people in
Deviation Measures The drawback of the range as a measure of dispersion is that it takes into account the values of only two data points - the largest and the smallest. One
Problem 1 Do male and female students differ significantly in regard to their average math achievement scores, grades in high school, and visualization test scores? Can you con
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The Harmonic Mean is based on the reciprocals of numbers averaged. It is defined as the reciprocal of the arithmetic mean of the reciprocal of the given individual observations. Th
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