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The calculations of arithmetic mean may be simple and foolproof, but the application of the result may not be so foolproof. An arithmetic mean may not merely lack significance; it may well be positively misleading. Mean should never be accepted as significant without supporting credentials
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
Explain what central tendency and variability are. In your answer define what the mean, median, mode, variance, and standard deviation are. What is the difference between the descr
TYPE I AND II Errors If a statistical hypothesis is tested, we may get the following four possible cases: The null hypothesis is true and it is accepted; The
Simulation When decisions are to be taken under conditions of uncertainty, simulation can be used. Simulation as a quantitative method requires the setting up of a mathematical
Large Sample Test for Mean A random sample of size n (n > 30) has a sample mean . To test the hypothesis that the population mean μ has a specified value μ 0 let us formu
Calculation for Continuous Series or Grouped Data = where, m = mid-point of class =
types of sampling method
Two individuals, player 1 and player 2, are competing in an auction to obtain a valuable object. Each player bids in a sealed envelope, without knowing the bid of the other player
Use only the rare event rule, and make subjective estimates to determine whether events are likely. For example, if the claim is that a coin favors heads and sample results consis
what the purpose we use it
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