by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Uniform Distribution?Uniform distribution is also called rectangular distribution, it is a term commonly used in statistics and probability theory to depict the equal probability of all outcomes in a family. Uniform Distribution refers to the equal...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Alpha Risk?Alpha Risk refers to the risk that a null hypothesis (one which states that there is no difference between two variables) will be discarded even when it is absolutely correct. Usually known as the Type I error, the null hypothesis, in this case,...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a One-Tailed Test?One-tailed test, also called directional test or directional hypothesis, is a test widely used in statistics to determine if the critical region of a distribution is in one direction, or one-sided so as to know if its value is either less or...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is R-Squared?R-squared, also referred to as the coefficient of determination, is a measure of statistics that gives relationships estimate between dependent variables movements based on the movement of the independent variable. In finance, it is a measure of...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Decision Tree?In a decision-making process, a decision tree is a graphical and statistical representation of the likely outcome of a decision. It is called a decision tree because is uses a tree-shaped diagram or a branching method to depict an action or a...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Decision Analysis?Decision analysis (DA) is a management technique used by corporations in evaluating choices and decisions to be made in relation to the business. DA adopts a variety of tools and strategies to determine information that are relevant to a...
