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The probability distribution of the various observations is required to obtain the run of two successes in the series of Bernoulli trials with the probability of success equal to a half. It can be given as
1.Sam Lucarelli, owner of Lucarelli Products, is evaluating whether to produce a new product line. After thinking through the production process and the costs of raw materials and
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
Prevented fraction is a measure which can be used to attribute the protection against the disease directly to an intervention. The measure can given by the proportion of disease w
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
An oil company thinks that there is a 60% chance that there is oil in the land they own. Before drilling they run a soil test. When there is oil in the ground, the soil test comes
Duck Lovers Unlimited (DLU) Inc. assembles specially configured light jet aircrafts for airborne duck hunting. The quarterly demand forecasts for the upcoming fiscal year are:
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
Two-phase sampling is the sampling scheme including two distinct phases, in the first of which the information about the particular variables of interest is collected on all the m
CONSTRUCTION OF AN OR MODEL
Auto correlation : The correlation of the internal observations in the time series, generally expressed as a function of the time lag between the observations. It is also used for
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