by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is the Sum of Squares?In regression analysis, sum of squares refers to a statistical method of analyzing how data series are generated and how they disperse. The goal of the analysis is to uncover how the data points or series are alloted a fitting function....
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Subjective Probability?Subjective probability refers to a form of probability that is based on the opinion of perspectives of individuals about an occurrence. Subjective probability is formed from the experience of an individual and personal belief as to...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Trimmed Mean?A trimmed mean, which is also known as a truncated mean, is a mode of calculating averages by removing a small percentage of the higher and lowest values before the mean value is determined. The trimmed mean is calculated using a standard...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is an Empirical Rule?The empirical rule refers to a statistical rule that mentions that all data or information is covered around three standard deviations of the average in a normal distribution. It states that the first standard deviation covers 68% data, the...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Trend Analysis?Trend analysis provides a means to analyze company data over a period of time by focusing on the change in specific line items within the income statement and balance sheet.This tool is used with the assumption that history always repeats...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Positive Correlation?Positive correlation refers to the relationship formed between two variables where both of them move in a similar direction. When the increase in one variable causes an increase in the second variable, and decrease in one variable causes a...
