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Prior distributions : The probability distributions which summarize the information about a random variable or parameter known or supposed at a given time instant, prior to attaini
Laplace distribution : The probability distribution, f(x), given by the following formula Can be derived as the distribution of the difference of two independent random var
a shop is selling laptops at regular price and at half price.If the laptops are regular price a day they will be at regular price tha day after with proba 2/3, if the laptops are a
Principal components regression analysis is a process often taken in use to overcome the problem of multicollinearity in the regression, when simply deleting a number of the expla
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 |t | > t = 1.96
Chernoff's faces : A method or technique for representing the multivariate data graphically. Each observation is represented by the computer-created face, the features of which are
Regression through the origin : In some of the situations a relationship between the two variables estimated by the regression analysis is expected to pass by the origin because th
Odds ratio is the ratio of the odds for the binary variable in two groups of the subjects, such as, males and females. If the two possible states of variable are labeled as 'succe
1.Sam Lucarelli, owner of Lucarelli Products, is evaluating whether to produce a new product line. After thinking through the production process and the costs of raw materials and
The number of passengers arriving at an airport terminal average 1200 each hour. To process passengers (check in, take luggage, etc) take an average of 6 minutes each. There are
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