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An oil company thinks that there is a 60% chance that there is oil in the land they own. Before drilling they run a soil test. When there is oil in the ground, the soil test comes
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
Q. A toothpaste company want to know if its new product increases the length of time in-between dentist visit to its user. The company sets a target for 180 days to determine if it
Canonical correlation analysis : A process of analysis for investigating the relationship between the two groups of variables, by ?nding the linear functions of one of the sets of
A term which covers the large number of techniques for the analysis of the multivariate data which have in common the aim to assess whether or not the set of variables distinguish
Bayesian network : It is essentially an expert system in which the uncertainty is dealt with using the conditional probabilities and Bayes' Theorem. Formally such type of network c
importance of mathamatical expection in business
Incubation period is the time elapsing amongs the receipt of infection and the appearance of the symptoms. The length of the incubation time period depends on the disease, ranging
The equation linking the height and weight of the children between the ages of 5 and 13 and given as follows here w is the mean weight in kilograms and h the mean height in
Remedian: The robust estimator of location which is computed by an iterative process. By assuming that the sample size n can be written as bk where b and k are the integers, the s
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