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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
Definition of Central Tendency The central tendency of a variable means a typical value around which other values tend to concentrate which can be measured. Such concentration
Cause and Effect Even a highly significant correlation does not necessarily mean that a cause and effect relationship exists between the two variables. Thus, correlation does
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
We are interested in assessing the effects of temperature (low, medium, and high) and technical configuration on the amount of waste output for a manufacturing plant. Suppose that
Chebychev inequality
Descriptive Statistics : Carrying out an extensive analysis the data was not a subject to ambiguity and there were no missing values. Below are descriptive statistics that hav
Let X 1 and X 2 be two independent populations with population means μ 1 and μ 2 respectively. Two samples are taken, one from each population, of sizes n 1 and n 2 re
HOW WOULD YOU INTERPRET THIS PROBABILITY:P(a)=1.05
Types of business forecasting are generally as follows: 1. Sales and Demand forecasts 2. Porduction forecasts. 3. Cost Forecasts 4. Financi
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