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Statistical Errors
Statistical data are obtained either by measurement or by observation. Hence to think of perfect accuracy is only a delusion or a myth, It is not possible to ensure perfect accuracy. This is one of the vital limitation inherent in statistical studies. Dr. A .L. Bowley has rightly said, this is not inexistence a perfectly accurate measurement physical or economical just as there is no perfectly straight line or a perfect fluid.
In the science of statistics, the difference between the observed value and the true value is called error for example. In a population census there is no guarantee that not a single person is left out. While measuring the weight of the students, no one can guarantee that there will be perfect accuracy in the measurement. These inaccuracies are called error in statistics. It does not mean mistake.
If there are 62 students in a class room, and we count themes 60 it is a mistake. But on some basis if approximate them to be60 it is called an error in statistics, According to Prof. L. R. Connor an error in the statistical sense is merely a different between an estimate and the true value or idea value which it may be impossible to determine exactly. According to prof. Boddington. The statistical error is the difference between the true figure and the approximation Prof, Boddington has clarified that the error does not impel an arithmetic miscalculation, but arises simply because in collecting data a perfect coverage in impossible as with sampling.
Theories of Business forecasting
QUESTION ONE. (a) The probability that, a bomber hits a target on a bombing mission is 0.70 Three bombers are sent to bomb a particular target. (i) What is the probability
In a management class of 100 childerns' 3 languages are offered as an additional subject viz. Hindi, English and Kannada. There are 28 childrens taking Hindi, 26 taking Hindi and 1
Grouped Data For calculating mode from a frequency distribution, the following formula Mode = L mo + x W where,
Consider a Cournot duopoly with two firms (fi rm 1 and fi rm 2) operating in a market with linear inverse Demand P(Q) = x Q where Q is the sum of the quantities produced by both
how much that cost ?
for this proportion, use the +-2 rule of thumb to determine the 95 percent confidence interval. when asked if they are satisfied with their financial situation, .29 said "very sat
Do people of different age groups differ in their response to e-mail messages? A survey by the Cent of the Digital Future of the University of Southern California reported that 70.
Related Positional Measures Besides median, there are other measures which divide a series into equal parts. Important amongst these are quartiles, deciles and percentiles.
Jocko's Garage has been accused of insurance fraud. Data on estimates made by Jocko and another garage were obtained for 10 damaged vehicles (available in 'jockogarage.txt'). Here
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