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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.
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
Application of the chi Square Test
b. A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y
Try different numbers of clusters in your program (K=2...15) and build a plot that shows the dependency between number K and value of RSS function on the last iteration. What is th
slope parameter of 1.4 and scale parameter of 550.calculate Reliability, MTTF, Variance, Design life for R of 95%
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
DISCUSS THE METHODS OF MEASURING TREND
There are n seats on an airplane and n passengers have bought tickets. Unfortunately, the first passenger to enter the plane has lost his ticket and, so he just chooses a seat at r
Calculation for Continuous Series or Grouped Data = where, m = mid-point of class =
The box plot displays the diversity of data for the age; the data ranges from 19 being the minimum value and 60 being the maximum value. The box plot is positively skewed at 0.57 a
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