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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 participant is shown three doors behind one of which is the valuable prize and behind the other two are the booby prizes. The participant selects the door and then, before the opted door is opened, the host opens one the two left behind doors to reveal one of the booby prizes. The participant is asked if he/she would like to stay with originally selected door or switch to the other, as yet, unopened door. Number of people think that the switching doors makes no difference to the probability of winning the valuable prize but several people are wrong because switching doubles this probability from a third to two thirds.
Recursive models are the statistical models in which the causality flows in one direction, that is models which include only unidirectional effects. Such type of models do not inc
Paul Jordan has just been hired as a management analyst at Digital Cell Phone Inc. Digital Cell manufactures a broad line of phones for the consumer market. Paul's boss, John Smith
importance of mathamatical expection in business
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
Convex hull trimming : A procedure which can be applied to the set of bivariate data to permit robust estimation of the Pearson's product moment correlation coef?cient. The points
the problem that demonstrates inference from two dependent samples uses hypothetical data from TB vaccinations and the number of new cases before and after vaccinations for cases o
In the time series plot and scatter graphs there were many outliers that were clearly visible. These have been removed to identify if they were influential or had high leverage and
The theorem relating structure of the likelihood to the concept of the sufficient statistic. Officially the necessary and sufficient condition which a statistic S be sufficient for
Balanced incomplete block design : A design in which all the treatments are not used in all blocks. Such designs have the below stated properties: * each block comprises the
A mixture of benzene, toluene, and xylene enters a two-stage distillation process where some of the componentsare recovered. The distillation process operates at steady-state condi
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