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Confidence interval: A range of the values, calculated from the sample observations which is believed, with the particular probability, to posses the true parameter value. A 95% confidence interval, for instance, implies that were the estimation process which was repeated again and again, then 95% of the calculated intervals would be expected to include the true parameter value. Note that the stated probability level refers to the properties of the interval and not to the parameter itself which is not considered to be the random variable.
Ask questioThe finance manager of ‘Softy’ baby soap manufacturing company being successful in the first two years of the company’s operations is considering setting up another plan
The procedure in which the prior distribution is required in the application of Bayesian inference, it is determined from empirical evidence, namely same data for which the posteri
It is the technique used in the clinical trials when it is possible to make an acceptable place before an active treatment but not to make the two active treatments identical. In t
Chains of infection : The description of the course of infection among the group of individuals. The susceptibles infected by the direct contact with the introductory cases are sai
Generalized method of moments (gmm) is the estimation method popular in econometrics which generalizes the method of the moments estimator. Essentially same as what is known as the
Length-biased sampling : The bias which arises in the sampling scheme based on the visits of patient, when some individuals are more likely to be chosen than others simply because
Banach's match-box problem : The person carries two boxes of matches, one in his left and one in his right pocket. At first they comprise N number of matches each. When the person
Briefly explain the importance of forecasting for managers?
Generalized principal components analysis: The non-linear version of the principal components analysis in which the goal is to determine the non-linear coordinate system which is
Regression to the mean is the procedure first noted by Sir Francis Galton that 'each peculiarity in man is shared by his kinsmen, but on average to the less degree.' Hence the ten
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