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Personal probabilities: A radically special approach for allocating probabilities to events than, for instance, the commonly used long-term relative frequency approach. In this type of approach, probability represents the degree of belief in a proposition, based on the entire information.
The two people with different information and different subjective ignorance might therefore assign different probabilities to the same proposition. The only constraint is that the single person's probabilities must not be inconsistent. Person-years at risk Units of measurement which combine the persons and time by summing individual units of the time (the years and fractions of years) during which subjects in a study population have been exposed to the threat of the result under study. A person-year is equivalent of the experience of one individual for one year.
Weighted least squares is the method of estimation in which the estimates arise from minimizing the weighted sum of squares of the differences between response variable and its pr
The marketing manager of Handy Foods Ltd. is concerned with the sales appeal of one of the company's present label for one of its products. Market research indicates that supermark
The interplay of the genes and environment on, for instance, the risk of disease. The term represents the step away from the argument as to whether the nature or nurture is the pre
methods of measuring trend
Mean squarederror is the expected value of square of the difference between an estimator and the true value of the parameter. If the estimator is unbiased then the mean of the squ
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
The tabulation of a sample of observations in terms of numbers falling below particular values. The empirical equivalent of the growing probability distribution. An example of such
Hypothesis testing is a general term for procedure of assessing whether the sample data is consistent or otherwise with statements made about the population. It basically tells u
Median absolute deviation (MAD) : It is the very robust estimator of the scale given by the following equation or, in other words we can say that, the median of the absolute
The graphic representation of the alternatives in a decision making problem which summarizes all the possibilities foreseen by the decision maker. For instance, suppose we are give
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