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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.
Problem : A company supplying electrical products, places a rush order for electric wires. Consignments of wires are to be sent immediately when they are available. Previous
Binomial Distribution Binomial distribution was discovered by swiss mathematician James Bernonulli, so this distribution is called as Bernoulli distribution also, this is a d
Quota sampling Under this method enumerators shall select the respondents in place of those not available, as per the quota fixed according to guide lines provided to them.
Mode Mode is the value of the observation which occurs with the greatest frequency and thus it is the most fashionable value, Mode has been derived from French word La m
Chebychev inequality
The investor has constant wealth 1 and is o?ered to invest in shares of a project that either gains 3=2 or loses 1 with equal probabilities. Therefore, if the investor obtains sha
Use only the rare event rule, and make subjective estimates to determine whether events are likely. For example, if the claim is that a coin favors heads and sample results consis
When the number of farmers growing wheat in Russia increases, the increase in world supply lowers the world price of wheat. Draw an appropriate diagram to analyze how this chang
The median, as the name suggests, is the middle value of a series arranged in any of the orders of magnitude i.e. ascending or descending order. As distinct from the arithmetic
A) The three images shown below were blurred using square masks of sizes n=23, 25, and 45, respectively. The vertical bars on the le_ lower part of (a) and (c) are blurred, but a c
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