Useful tips for everyday
Which is better mean deviation or standard deviation? Standard Deviation Versus Average Deviation The mean average, or mean absolute deviation, is considered the closest alternative…
Why are equal variances important? However, they still have equal variance. So why is homoscedasticity so important? It is important because it is a formal…
Can you correct for variance of sample mean in finite population? In general, the higher the proportion of sampled units, the lower the variance will…
Can you compare two SMRs? The Standardised Mortality Ratio (SMR) is increasingly used to compare the performance of different healthcare providers. However, it has long…
What are Bonferroni corrected t-tests? The Bonferroni test, also known as “Bonferroni correction” or “Bonferroni adjustment” suggests that the p-value for each test must be…
What is static time series model? A static time series model relates contemporaneous variables. For example, with one independent variable, An FDL model allows one…
Which is the best Test of significance in statistics? The following points highlight the top four types of tests of significance in statistics. The types…
How are mean and variance related? The mean is the average of a group of numbers, and the variance measures the average degree to which…
What is the difference between a static forecast and a dynamic forecast? The difference arises when forecasting further: “dynamic forecast” will take previously forecasted values…
How to transform both the predictor and response? Let’s use the data set to learn not only about the relationship between the diameter and volume…