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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
1. The production manager of Koulder Refrigerators must decide how many refrigerators to produce in each of the next four months to meet demand at the lowest overall cost. There i
Lancaster models : The means of representing the joint distribution of the set of variables in terms of the marginal distributions, supposing all the interactions higher than a par
Indirect least squares: An estimation technique used in the fitting of structural equation models. Commonly least squares are first used to estimate reduced form parameters. Usi
Normality - Reasons for Screening Data Prior to analyzing multivariate normality, one should consider univariate normality Histogram, Normal Q-Qplot (values on x axis
Non linear model : A model which is non-linear in the parameters, for instance are Some such type of models can be converted into the linear models by linearization (the s
The skewness is a measure of asymmetry and as it is positive at 4.29, it is greater than zero which reveals that the tail extends to the right indicating the distribution to be mor
Cointegration : The vector of not motionless time sequence is said to be cointegrated if the linear combination of the individual series is stationary. Facilitates suitable testing
Observational study is the study in which the objective is to discover cause-and-effect relationships but in which it is not feasible to use the controlled experimentation, in th
Categorical variable : A variable which provides the appropriate label of observation after the allocation to one of the several possible categories, for instance, the respiratory
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