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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.
Principal components analysis is a process for analysing multivariate data which transforms original variables into the new ones which are uncorrelated and account for decreasing
Multi co linearity is the term used in the regression analysis to indicate situations where the explanatory variables are related by a linear function, making the inference of the
Paired samples are the two samples of the observations with the characteristic feature with each of the observation in one sample have only one matching observation in the other s
what is goal post mentality?
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;
Relative risk is the measure of the association between the exposure to a particular factor and the risk or probability of a convinced outcome, calculated as follows therefor
A radically different approach of dealing with the uncertainty than the traditional probabilistic and the statistical methods. The necessary feature of the fuzzy set is a membershi
Cauchy distribution : The probability distribution, f (x), can be given as follows where α is the position of the parameter (median) and the beta β a scale parameter. Moments
An oil company is considering whether or not to bid for an offshore drilling contract. If they bid, the value would be $600m with a 65% chance of gaining the contract. The company
Chi-squared distribution : It is the probability distribution, f (x), of the random variable de?ned as the sum of squares of the number (v) of independent standard normal variables
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