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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.
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
how does it work exactly
Multiple comparison tests : Procedures for detailed examination of the differences between a set of means, generally after a general hypothesis that they are all equal has been rej
Cluster sampling : A method or technique of sampling in which the members of the population are arranged in groups (called as 'clusters'). A number of clusters are selected at the
Nearest-neighbour methods are the methods of discriminant analysis are based on studying the training set subjects much similar to the subject to be classified. Classification mig
The functions of the data and the parameters of interest which can be brought in use to conduct inference about the parameters when full distribution of the observations is unknown
Glejser test is the test for the heteroscedasticity in the error terms of the regression analysis which involves regressing the absolute values of the regression residuals for the
How large would the sample need to be if we are to pick a 95% confidence level sample: (i) From a population of 70; (ii) From a population of 450; (iii) From a population of 1000;
Machine learning is a term which literally means the ability of a machine to recognize patterns which have occurred repetitively and to improve its performance based on the past
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
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