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An oil company is considering whether or not to bid for an offshore drilling contract. If they bid, the value would be $600m with a 65% chance of gaining the contract. The company
Contour plot : A topographical map drawn from data comprising observations on the three variables. One variable is represented on horizontal axis and the second variable is represe
Randomized consent design is the design at first introduced to overcome some of the perceived ethical problems facing clinicians entering patients in the clinical trials including
Radical statistics group : The national network of the social scientists in United Kingdom committed to the critique of statistics as taken in use in the policy making procedure. T
Weighted least squares is the method of estimation in which the estimates arise from minimizing the weighted sum of squares of the differences between response variable and its pr
Product-limit estimator is a method for estimating the survival functions for the set of survival times, some of which might be censored observations. The logic behind the procedu
A procedure whereby the collection of multiple sample units are combined in their entirety or in part, to form the new sample. One or more succeeding measurements are taken on the
Cointegration : The vector of not motionless time sequence is said to be cointegrated if the linear combination of the individual series is stationary. Facilitates suitable testing
Perturbation theory : The theory useful in assessing how well a specific algorithm or the statistical model performs when the observations suffer less random changes. In very commo
methods of measuring trend
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