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Median is the value in a set of the ranked observations which divides the data into two parts of equal size.
When there are an odd number of observations the median is middle value. When there is an even number of the observations the measure is calculated as the average of two central values. It provides a measure of the location of a sample which is suitable for asymmetric distributions and is also relatively insensitive to presence of outliers.
Helmert contrast is the contrast often used in analysis of the variance, in which each level of a factor is tested against average of the remaining levels. So, for instance, if th
An oil company thinks that there is a 60% chance that there is oil in the land they own. Before drilling they run a soil test. When there is oil in the ground, the soil test comes
Dear Experts, Please note that I''m doing a PhD in Business management under the title: Technology transfer and competitive advantage in Qatar oil and gas companies. It is a quant
We are installing a router for our network. We believe that the time between the arrival of packets will be exponentially distributed with parameter R = 2 packets/second, and th
Likelihood is the probability of a set of observations provided the value of some parameter or the set of parameters. For instance, the likelihood of the random sample of n observ
Collective risk models : The models applied to insurance portfolios which do not create direct reference to the risk characteristics of individual members of the portfolio when des
Q. A toothpaste company want to know if its new product increases the length of time in-between dentist visit to its user. The company sets a target for 180 days to determine if it
L'Abbe ´ plot is often used in the meta-analysis of the clinical trials where the result is the binary response of it. The event risk (number of events/number of the patients in a
The term used in a variety of methods in statistics, but mostly to refer to the categorical variable, with a less number of levels, under examination in an experiment as a possible
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