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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 decision problems can be seen as zero sum games between two persons.
Probability distribution : For the discrete random variable, a mathematical formula which provides the probability of each value of variable. See, for instance, binomial distributi
Common cause failures (CCF): Simultaneous failures of the number of components due to a same reason. A reason can be external to the components, or it can be the single failure wh
Multiple comparison tests : Procedures for detailed examination of the differences between a set of means, generally after a general hypothesis that they are all equal has been rej
Graduation is the term is employed most often in the application of the actuarial statistics to denote procedures by which the set or group of observed probabilities is adjusted t
Median absolute deviation (MAD) : It is the very robust estimator of the scale given by the following equation or, in other words we can say that, the median of the absolute
Morbidity is the term used in the epidemiological studies to describe sickness in the human populations. The WHO Expert Committee on the Health Statistics noted in its sixth repor
Ask questioThe finance manager of ‘Softy’ baby soap manufacturing company being successful in the first two years of the company’s operations is considering setting up another plan
HOW TO CONSTRUCT A BIVARIATE FREQUENCY DISTRIBUTION
What is the EM?
Calibration : A procedure which enables a series of simply obtainable but inaccurate measurements of some quantity of interest to be used to provide more precise estimates of the r
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