by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is the Pareto or 80-20 Rule?The 80-20 rule, also known as Pareto Analysis, is the principle of factor sparsity. It is a business rule which states that 80 percent of many events come from 20 percent of the causes. The business personnel uses this 80-20 rule to...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Multiple Linear Regression?A Multiple linear regression (MLR) is a statistical technique, usually multivariate, which is used in examining the relationship between the explanatory and response variables. MLR examines and explains the interconnectedness or...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Autoregression?An Autoregressive model (AR model) is basically the method used to model a future or current behavior in a time series, using data from past behaviors in the same time series. The process is basically a linear regression of the variable...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Venn Diagram?A Venn diagram refers to an illustration that makes use of circles, be it overlapping or non-overlapping, in order to portray a relationship between finite sets of things. Venn diagram was named after John Venn in 1880. He was an English...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What are Degrees of Freedom?Degree of Freedom refers to the number of values in a statistical calculation that are free to vary from others. Hence the number of values in a study that have the freedom to differ are regarded as degrees of freedom. For a better...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is the Bonferroni Test?A Bonferroni Test is defined as a comparison tests often used in statistics that involve several statistics. Bonferroni correction and Bonferroni adjustment are other terms that have the same meanings and use as Bonferroni Test. When...
