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Random Sampling Method In this method the units are selected in such a way that every item in the whole universe has an equal chance of being included. In the words of croxton
Types of business forecasting are generally as follows: 1. Sales and Demand forecasts 2. Porduction forecasts. 3. Cost Forecasts 4. Financi
Frequency distribution A frequency distribution is a series where a number of items with similar values are put in separate groups or bunches. In other words a frequency distri
Deviation Measures The drawback of the range as a measure of dispersion is that it takes into account the values of only two data points - the largest and the smallest. One
Of the 6,325 kindergarten students who participated in the study, almost half or 3,052 were eligible for a free lunch program. The categorical variable sesk (1 == free lunch, 2 = n
If the economy does well, the investor's wealth is 2 and if the economy does poorly the investor's wealth is 1. Both outcomes are equally likely. The investor is offered to invest
Bernoulli's Theorem If a trial of an experiment can result in success with probability p and failure with probability q (i.e.1-p) the probability of exactly r success in n tri
Each section of the SAT test is supposed to be distributed normally with a mean of 500 and a standard deviation of 100. Suppose 5 students in a class took the SAT math test. They r
The score distribution shown in the table is for all students who took a yearly AP statistical exam. An AP statistics teacher had 59 students preparing to take the AP exam. Though
According to a recent study, when shopping online for luxury goods, men spend a mean of $2,401, whereas women spend a mean of $1,527. Suppose that the study was based on a sample o
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