Business Statistics

Compensation of Employees

Compensation of Employees is the total amount an employee can expect to receive when working for an organization. It refers basically to the total gross (pre-tax) wages paid by employers to employees for work done in an accounting period, such as a quarter or a year. There are many different type.....

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Nonprobability Sampling

This article describe about Nonprobability Sampling, which is a type of unit sampling where it is not known which of the units will be picked to be sampled, and where some of the units have a zero probability of being chosen. It is a sampling technique where the samples are gathered in a process .....

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Multistage Sampling

Multistage Sampling is a complex form of cluster sampling. It is the probability sampling technique wherein the sampling is carried out in several stages such that the sample size gets reduced at each stage. It refers to sampling plans where the sampling is carried out in stages using smaller and.....

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Cluster Sampling

Cluster Sampling is a type of sampling method, which is a technique that generates statistics about certain populations. It is often used in marketing research. It has a specific format required to obtain an appropriate sample, and though this sampling can help accurately gauge some information. .....

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Stratified Sampling

This article talks about Stratified Sampling, which is a method of variance reduction when Monte Carlo methods are used to estimate population statistics from a known population. It refers to a type of sampling method. It has several advantages over simple random sampling. It ensures that at leas.....

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Survey Methodology

Survey Methodology is the study of survey methods and the sources of error in surveys. It includes instruments or procedures that ask one or more questions that may, or may not, be answered. Survey methodology is both a scientific field and a profession, meaning that some professionals in the fie.....

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Systematic Sampling

Systematic Sampling is typically involves first selecting a fixed starting point in the larger population and then obtaining subsequent observations by using a constant interval between samples taken. It is a type of probability sampling method in which sample members from a larger population are.....

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Simple Random Sample

Simple Random Sample is chosen in such a way that every set of individuals has an equal chance to be in the selected sample. In a simple random sample, individuals are chosen at random and not more than once to prevent a bias that would negatively affect the validity of the result of the experime.....

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Dimensionality Reduction

Dimensionality Reduction is the process of reducing the number of random variables under consideration, and can be divided into feature selection and feature extraction. The main linear technique for dimensionality reduction, principal component analysis, performs a linear mapping of the data to .....

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Consensus Clustering

Consensus Clustering is exposed to the risk of incorporating the biases and preconceptions of the analyst because it does not provide for an “objective” criterion to establish the number of clusters and the clusters’ boundaries. It was also called aggregation of clustering, refers to the si.....

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Response Surface Methodology

Response Surface Methodology is a method, which design optimization is aimed at reducing the cost of expensive analysis methods and their associated numerical noise. It explores the relationships between several explanatory variables and one or more response variables. Response Surface Methodolog.....

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Optimal Design

Optimal Design is depends on the statistical model and is assessed with respect to a statistical criterion, which is related to the variance-matrix of the estimator. It is a group of the “best” design points selected when reducing or augmenting the number of experimental runs in the o.....

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