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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
The phrase first spoken by one of the witches in Macbeth. Now this is used to describe the exponential rise in the number of possible locations in the multivariate space as dimensi
Machine learning is a term which literally means the ability of a machine to recognize patterns which have occurred repetitively and to improve its performance based on the past
Martingale: In the gambling context the term at first referred to a system for recouping losses by doubling the stake after each loss has occured. The modern mathematical concept
Lexis diagram is the diagram for displaying the simultaneous effects of the two time scales (generally age and calendar time) on a rate. For instance, mortality rates from cancer
Normal approximation : Normal distributions which approximate other distributions; such as, a normal distribution with the mean np and variance np(1 - p) which acts as an approxima
Median absolute deviation (MAD) : It is the very robust estimator of the scale given by the following equation or, in other words we can say that, the median of the absolute
an oil company is considering whether or not to bid for an offshore drilling contract. The bid would cost $60 with a 65% chance of gaining the contract. Outcome success Probability
Recurrence risk : Usually the probability that an individual experiences an event of interest given previous experience(s) of the event; for example, the probability of recurrence
The method or technique for producing the sequence of parameter estimates that, under the mild regularity conditions, converges to maximum likelihood estimator. Of particular signi
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