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Bayesian confidence interval: An interval of the posterior distribution which is so that the density of it at any point inside the interval is greater than that of the density at any point outside and that the area which comes under the curve for that interval is equal to the prespeci?ed probability level. For any probability level there is basically only one such interval, which is also often called as the highest posterior density area. Unlike the usual con?dence interval related with the frequentist inference, here the intervals state the range within which parameters lie with a certain probability.
Matching coefficient is a similarity coefficient for data consisting of the number of binary variables which is often used in cluster analysis. It can be given as follows he
an oil company is considering whether or not to bid for an offshore drilling contract. The bid would cost $60 with a 65% chance of gaining the contract. Outcome success Probability
Described by the leading proponent as 'the conscientious, explicit, and judicious uses of present best evidence in making the decisions about the care of individual patients, and
It is the multivariate normal random vector which satisfies certain conditional independence suppositions. This can be viewed as a model framework which contains a wide range of st
Lie factor : A measure suggested by Tufte for judging the honesty of the graphical presentation of data. Which can be calculated as follows The values close to one are desir
Blinder Oaxaca method: A method or technique used for assessing the effect of the role of income on racial wealth gap. The method or technique is based on the decomposition of the
Hazard function : The risk which an individual experiences an event in a small time interval, given that the individual has survived up to the starting of the interval. It is th
Window variables are the variables measured during the constrained interval of an observation period which is accepted as the proxies for the information over the whole period. Fo
Compound symmetry : The property possessed by the variance-covariance matrix of the set of multivariate data when its chief diagonal elements are equal to each other, and in additi
Bayesian inference : An approach to the inference based largely on Bayes' Theorem and comprising of the below stated principal steps: (1) Obtain the likelihood, f x q describing
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