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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.
Prevalence : The measure of the number of people in a population who have a certain disease at a given point in time. It c an be measured by two methods, as point prevalence and p
Chebyshev's inequality: A statement about the proportion of the observations which fall within some number of the standard deviations of the mean for any of the probability distri
calculate the mean yearly value using the average unemployment rate by month
Hypergeometric distribution is t he probability distribution related with the sampling without replacement from the population of finite size. If the population comprises of r ele
This term applied in the context of comparing the different methods and techniques of estimating the same parameter; the estimate with the lowest variance being regarded as the mos
Advantages and disadvantages of Integrated Economic Statistics
#how to analyse data
The probability distribution, f (x), of largest extreme can be given as The location parameter, α is the mode and β is the scale parameter. The mean, variance skewn
Modern hotels and certain establishments make use of an electronic door lock system. To open a door an electronic card is inserted into a slot. A green light indicates that the doo
The skewness is a measure of asymmetry and as it is positive at 4.29, it is greater than zero which reveals that the tail extends to the right indicating the distribution to be mor
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