Statistical techniques in business and economics answers

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The full step-by-step solution to problem in Statistical Techniques in Business and Economics were answered by , our top Statistics solution expert on 03/16/18, 04:51PM. Statistical Techniques in Business and Economics was written by and is associated to the ISBN: 9780073401805. Since problems from 20 chapters in Statistical Techniques in Business and Economics have been answered, more than 127665 students have viewed full step-by-step answer. This expansive textbook survival guide covers the following chapters: 20. This textbook survival guide was created for the textbook: Statistical Techniques in Business and Economics, edition: 15.

• Alternative hypothesis

  In statistical hypothesis testing, this is a hypothesis other than the one that is being tested. The alternative hypothesis contains feasible conditions, whereas the null hypothesis speciies conditions that are under test

• Bias

  An effect that systematically distorts a statistical result or estimate, preventing it from representing the true quantity of interest.

• Bimodal distribution.

  A distribution with two modes

• Categorical data

  Data consisting of counts or observations that can be classiied into categories. The categories may be descriptive.

• Coeficient of determination

  See R 2 .

• Completely randomized design (or experiment)

  A type of experimental design in which the treatments or design factors are assigned to the experimental units in a random manner. In designed experiments, a completely randomized design results from running all of the treatment combinations in random order.

• Conidence interval

  If it is possible to write a probability statement of the form PL U ( ) ? ? ? ? = ?1 where L and U are functions of only the sample data and ? is a parameter, then the interval between L and U is called a conidence interval (or a 100 1( )% ? ? conidence interval). The interpretation is that a statement that the parameter ? lies in this interval will be true 100 1( )% ? ? of the times that such a statement is made

• Consistent estimator

  An estimator that converges in probability to the true value of the estimated parameter as the sample size increases.

• Contour plot

  A two-dimensional graphic used for a bivariate probability density function that displays curves for which the probability density function is constant.

• Correction factor

  A term used for the quantity ( / )( ) 1 1 2 n xi i n ? = that is subtracted from xi i n 2 ? =1 to give the corrected sum of squares deined as (/ ) ( ) 1 1 2 n xx i x i n ? = i ? . The correction factor can also be written as nx 2 .

• Empirical model

  A model to relate a response to one or more regressors or factors that is developed from data obtained from the system.

• Error mean square

  The error sum of squares divided by its number of degrees of freedom.

• Error variance

  The variance of an error term or component in a model.

• Estimator (or point estimator)

  A procedure for producing an estimate of a parameter of interest. An estimator is usually a function of only sample data values, and when these data values are available, it results in an estimate of the parameter of interest.

• Event

  A subset of a sample space.

• Exhaustive

  A property of a collection of events that indicates that their union equals the sample space.

• First-order model

  A model that contains only irstorder terms. For example, the irst-order response surface model in two variables is y xx = + ?? ? ? 0 11 2 2 + + . A irst-order model is also called a main effects model

• Fixed factor (or fixed effect).

  In analysis of variance, a factor or effect is considered ixed if all the levels of interest for that factor are included in the experiment. Conclusions are then valid about this set of levels only, although when the factor is quantitative, it is customary to it a model to the data for interpolating between these levels.

• Fraction defective

  In statistical quality control, that portion of a number of units or the output of a process that is defective.

• Gamma random variable

  A random variable that generalizes an Erlang random variable to noninteger values of the parameter r

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