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Differentiate between prediction, projection and forecasting.
Mean Absolute Deviation To avoid the problem of positive and negative deviations canceling out each other, we can use the Mean Absolute Deviation which is given by
Use the given information to find the P-value. The test statistic in a two-tailed test is z = 1.49 P-value = (round to four decimal places as needed)
Frequency distribution A frequency distribution is a series where a number of items with similar values are put in separate groups or bunches. In other words a frequency distri
TYPE I AND II Errors If a statistical hypothesis is tested, we may get the following four possible cases: The null hypothesis is true and it is accepted; The
Systematic Random Sampling This method is generally used in such cases where a complete list of the population is available from which sample has to be selected. Under this
Melissa Bakery is preparing for the coming thanksgiving festival. The bakery plans to bake and sell its favourite cookies; butter cookies, chocolate cookies and almond cookies. A k
Correlation Analysis Correlation Analysis is performed to measure the degree of association between two variables. The measure is called coefficient of correlation. The coeffic
Use the information given below to find the P-value. Also, use a 0.05 significance level and state the conclusion about the null hypothesis (reject the null hypothesis or fail to
Main stages of Statistical Inquiry The following are the various stages of a statistical inquiry (1) Planning the Inquiry: First of all we have to assess the problem und
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