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We must be careful when interpreting the meaning of association. Although two variables may be associated, this association does not imply that variation in the independent variable is a cause of variation in the dependent variable (or vice versa). For instance, age and income are usually related. However, a mere increase in age does not cause an increase in income. We can determine the presence or absence of association through statistics. However, there is no basis for concluding that a cause-effect relation exists between these variables.
The median, as the name suggests, is the middle value of a series arranged in any of the orders of magnitude i.e. ascending or descending order. As distinct from the arithmetic
A marketing research firm was engaged by an automobile manufacturer to conduct a pilot study to examine the feasibility of using logistic regression for ascertaining the likelihood
two application of statistics
What is a null hypothesis? ..
The PCA is amongst the oldest of the multivariate statistical methods of data reduction. It is a technique for simplifying a dataset, by reducing multidimensional datasets to lower
Variance The term variance was used to describe the square of the standard deviation by R.A.Fisher. The concept of variance is highly important in areas where it is possible to
Q. The following system of equations illustrates the algebraic form of a partial (individual) market equilibrium model, which is a model of price (P) and quantity (Q) determination
Ask Describe What-if Analysis
The Case Study included information about the price for a full meal before and after the law change (in dollars). Of interest is whether the differences in price for a full meal b
What statistics can be obtained from a circulatory lab?
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