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Blinding: A procedure used in clinical trials to get rid of the possible bias which might be introduced if the patient and/or the doctor knew which treatment the patient is receiving. If neither the patient nor the doctor are aware of which treatment has been given the trial is known as double-blind. If only one out of the patient or doctor is unaware of the treatment, then the trial is called single-blind. Clinical trials should use maximum degree of blindness which is possible, even though in some areas, for instance, surgery, it is often not possible for an investigation to be double-blind.
Collective risk models : The models applied to insurance portfolios which do not create direct reference to the risk characteristics of individual members of the portfolio when des
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
Lagging indicators: The part of a collection of the economic time series designed to give information about the broad swings in measures of the aggregate economic activity known a
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
I need you to help me for Business Statistics class with homework quizzes. Can you help to do it?
Monty Hall problem : A apparently counter-intuitive problem in the probability which gets its name from the TV game show, 'Let's Make a Deal' hosted by the Monty Hall. On show a pa
Homoscedasticity - Reasons for Screening Data Homoscedasticity is the assumption that the variability in scores for a continuous variable is roughly the same at all values of
Clinical vs. statistical significance : The distinction among results in terms of their possible clinical importance rather than simply in terms of their statistical importance. Wi
Nuisance parameter : The parameter of the model in which there is no scienti?c interest but whose values are generally required (but in usual are unknown) to make inferences about
In an experiment, power is a function of 1. The number of variables being measured and the beta level 2. The effect size, internal validity and the beta level 3. The number of part
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