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It is the art of attempting to exchange something quite small and certain, for something which are large and uncertain. Gambling is big business; in the US, for instance, it is at least a $40-billion-a-year industry. The popular forms of gambling are basically national lotteries, roulette and horse racing. For these (and diffrenent types of gambling) it is relatively simple to apply statistical methods or techniques to discover the chances of winning, but in no form of gambling does the statistical analysis increase your chances of winning.
relevancy of time series in business management
Paired availability design is a design which can lessen selection bias in the situations where it is not possible to use random allocation of the subjects to treatments. The desig
The procedure in which the prior distribution is required in the application of Bayesian inference, it is determined from empirical evidence, namely same data for which the posteri
The distribution free or technique which is the analogue of the analysis of variance for the design with two factors. It can be applied to data sets which do not meet the assumptio
This term sometimes used to describe the extra factor in variance of the sample mean when n sample values are drawn without the replacement from the finite population of size N. Th
Multimodal distribution is the probability distribution or frequency distribution with number of modes. Multimodality is frequently taken as an indication which the observed di
Bartlett's test for variances : A test for equality of the variances of the number (k)of the populations. The test statistic can be given as follows where s square is an
Geo statistics: The body of methods useful for understanding and modelling spatial variability in a course of interest. Central to these techniques is the idea that measurements t
The Null Hypothesis - H0: γ 1 = γ 2 = ... = 0 i.e. there is no heteroscedasticity in the model The Alternative Hypothesis - H1: at least one of the γ i 's are not equal
Component bar chart : A bar chart which shows the component parts of the aggregate represented by the whole length of the bar. The component parts are shown as the sectors of bar w
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