Business Statistics

Science will publish a study on April 29, 2016 that demonstrates how money-hungry patent trolls are suppressing innovation at a time when the American economy…

Estimation theory is a branch of statistics concerned with estimating parameter values based on measured empirical data with a random component. It is a crucial…

Regression analysis is a set of statistical processes used in statistical modeling to estimate the relationships between a dependent variable and one or more independent…

Uniform distribution is a word used in statistics to describe a type of probability distribution in which every conceivable event has an equal chance of…

A priori probability, often known as classical probability, is derived through formal reasoning. The principle of indifference is one technique to derive a priori probabilities.…

Probability is essentially a measure of the possibility of something happening. And the likelihood ranges from 0 (impossible) to 1 (possible) (certain). In a sample…

Unconditional probability, often known as marginal probability, is the likelihood that one of the multiple alternative outcomes will occur. It’s a likelihood that isn’t influenced…

In probability theory, a joint probability is a chance that two occurrences will happen at the same time. It’s a statistical metric that assesses the…

Subjective probabilities, as the name implies, are probabilities based on an individual’s personal assessment of the likelihood of an event occurring. It is not based…

In a regression model, the coefficient of determination (R2 or r-squared) is a statistical metric that determines how much variance in the dependent variable can…

In the discrete-time situation, autocorrelation, also known as serial correlation, refers to the degree of correlation between the values of the same variables across multiple…

A correlation coefficient is a statistical measure of how strong a link exists between two variables’ relative movements. Two columns of a given data set…