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Quality control procedures is the statistical process designed to ensure that the precision and accuracy of, for instance, a laboratory test, are maintained within the acceptable limits. The simplest such process involves the chart (generally called a control chart) with three horizontal lines, one made at the target level of the applicable control statistic, and the others, called action lines, made at some pre-specified distance above and below the target level. The procedure is examined to be at an acceptable quality level as long as the observed control statistic lies among the two lines and to be at a rejectable quality level if any of these lines are crossed.
(a) You are trying to develop a strategy for investing in two different stocks, Stock A and Stock B. The anticipated annual return for a $1000 investment in each stock under four
Hazard plotting is based on the hazard function of a distribution, this procedure gives estimates of distribution parameters, the proportion of units failing by the given time per
The Null Hypothesis - H0: There is no heteroscedasticity i.e. β 1 = 0 The Alternative Hypothesis - H1: There is heteroscedasticity i.e. β 1 0 Reject H0 if Q = ESS/2 >
Bubble plot : A method or technique for displaying the observations which involve three variable values. Two of the variables are used to make a scatter diagram and values of the t
Mardia's multivariate normality test is a test that a set of the multivariate data arise from the multivariate normal distribution against departures due to the kurtosis. The test
Interior analysis is the term now and again applied to analysis carried out on the fitted model in regression problem. The basic target of such analyses is the identification of
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
Reliability theory is the theory which attempts to determine the reliability of the complex system from knowledge of the reliabilities of the components. Interest might centre on
Human height growth curves : The growth of human height is, in common, remarkably regular, apart from the pubertal growth spurt. The satisfactory longitudinal development curve is
A law supposedly applicable to voting behaviour which has a history of several decades. It may be stated thus: Consider a two-party system and suppose that the representatives of t
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