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Ask quesoil company is considering whether or not to bid for an offshore drilling contract. If they bid, the value would be $600m with a 65% chance of gaining the contract. The com
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
An auditor for a government agency needs to evaluate payments for doctors' office visits paid by Medicare in a small regional town during the month of June. A total of 25,056 visit
Bayesian network : It is essentially an expert system in which the uncertainty is dealt with using the conditional probabilities and Bayes' Theorem. Formally such type of network c
The probability distribution, f (x), of largest extreme can be given as The location parameter, α is the mode and β is the scale parameter. The mean, variance skewn
Data which occur when failure period is recorded which are dependent. Such type of data can arise in number contexts, for instance, in epidemiological cohort studies in which th
Biplots: It is the multivariate analogue of the scatter plots, which estimates the multivariate distribution of the sample in a few dimensions, typically two and superimpose on th
The tabulation of a sample of observations in terms of numbers falling below particular values. The empirical equivalent of the growing probability distribution. An example of such
This is the branch of mathematics which deals with the theory of contests between two or more players under the specified sets of rules. The subject supposes a statistical aspect w
A theorem which shows that any counting process may be uniquely decomposed as the sum of a martingale and a predictable, right-continous process called the compensator, assuming ce
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