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National lotteries: Games of chance held to heave money for particular causes. The first held in the UK took place in the year 1569 principally to raise money for repair of the Cinque Ports. There were nearly 400 000 tickets or lots, with prizes in the form of the plate, tapestries and money.
Nowadays lotteries are held in several countries with proceeds either used to augment the exchequer or to fund the good causes. The current UK version began in November in the year1994 and consists of selecting six numbers from 49 for a one pound bet. The winning numbers are drawn 'at random' using one of the number of 'balls-in-drum' type of the machine.
Graduation is the term is employed most often in the application of the actuarial statistics to denote procedures by which the set or group of observed probabilities is adjusted t
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 Null Hypothesis - H0: β 1 = 0 i.e. there is homoscedasticity errors and no heteroscedasticity exists The Alternative Hypothesis - H1: β 1 ≠ 0 i.e. there is no homoscedasti
You have learned that there are 3 major central measures of any data set. Namely: mean, median, and mode. Which of the three, do the outliers affect the most?
Coincidences : Astonishing concurrence of the events, perceived as meaningfully related, with no apparent causal connection. Such type of events abounds in everyday life and is oft
Hazard function : The risk which an individual experiences an event in a small time interval, given that the individual has survived up to the starting of the interval. It is th
Mauchly test is a test which a variance-covariance matrix of pair wise differences of responses in the set of longitudinal data is the scalar multiple of identity matrix, a proper
Non-response is the term generally used for the failure to give the relevant information being collected in the survey. Poor response can be because of the variety of causes, for
stationary time series
It is the diagram used to display the values graphically in a frequency distribution. The frequencies are graphed as an ordinate against the class mid-points as abscissae. The p
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