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An oil company is considering whether or not to bid for an offshore drilling contract. If they bid, the value would be $600m with a 65% chance of gaining the contract. The company
Mean-range plot is the graphical tool or device useful in selecting a transformation in the time series analysis. The range is plotted against the mean for each of the seasona
Huffman code is used to compress data file, where the data is represented as a sequence of characters. Huffman's greedy algorithm uses a table giving how often each character occur
Coincidences : Astonishing concurrence of the events, perceived as meaningfully related, with no apparent causal connection. Such type of events abounds in everyday life and is oft
This is the theorem which states that if the error terms in a multiple regression have the same variance and are not corrected, then the estimators of the parameters in the model p
Mortality odds ratio is the ratio equivalent to the odds ratio used in case-control studies where the equivalent of the cases are deaths from the cause of interest and the equival
R-squared is regarded as the coefficient of determination and is used to give the proportion of the fluctuation of the variance of one variable to another variable. R-squared also
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
A law supposedly applicable to voting behaviour which has a history of several decades. It may be stated thus: Consider a two-party system and suppose that the representatives of t
Interior analysis is the term now and again applied to analysis carried out on the fitted model in regression problem. The basic target of such analyses is the identification of
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