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Average age at death : A ?awed statistic summarizing expectancy of the life and other aspects of the mortality. For instance, a study comparing average age at the death for male sy
Consider a decision faced by a cattle breeder. The breeder must decide how many cattle he should sell in the market each year and how many he should retain for breeding purposes. S
stationary time series
The graphic representation of the alternatives in a decision making problem which summarizes all the possibilities foreseen by the decision maker. For instance, suppose we are give
Bioassay : It is an abbreviation of biological assay, which in its classical form includes an experiment conducted on biological material to determine relative potency of test and
This term applied in the context of comparing the different methods and techniques of estimating the same parameter; the estimate with the lowest variance being regarded as the mos
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
In the time series plot and scatter graphs there were many outliers that were clearly visible. These have been removed to identify if they were influential or had high leverage and
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 >
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