by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is the Null Hypothesis?A null hypothesis refers to a kind of statistical hypothesis that signifies the absence of statistical significance for a group of specific observations. It showcases that there is not any variation involved between variables. Or, it can...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Normal Distribution?Normal distribution, which is also referred to as the Gaussian distribution, denotes a probability distribution which shows symmetry regarding the mean. It signifies that the data that is closer to the average or mean occurs more...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is the Least Squares Method?The least squares method is a procedure of finding the best fit for a data set. This method uses statistics and mathematical regression analysis to find the line of best fit when a data set is given. Using the least squares regression...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Absolute Frequency?The term absolute frequency depicts the number of times a value or event takes place in a set of statistical data. In statistics, the absolute value is denoted by fi. If all the absolute frequencies are added up, the total number of data can...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is the Wilcoxon Test?The Wilcoxon test is a nonparametric test used in statistics for comparing two paired sets. This test is either called the Signed Rank test or the Rank Sum test. The main objective of this test is to ascertain and analyze the difference...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Empirical Probability?Empirical probability refers to an estimated probability that considers the number of occurrences that an outcome has in a sample set. This is further used for knowing the probability of that very outcome. In simpler words, if the event X...
