Business Statistics

Robust Parameter Design

Robust Parameter Design

Robust Parameter Design is very similar to fractional factorial designs (FFDs) in that the optimal design can be found using Hadamard matrices, principles of effect hierarchy and factor sparsity are maintained, and aliasing is present when full RPDs are fractionated. It is primarily use in a simu.....

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Randomized Block Design

Randomized Block Design

In a Randomized Block Design, the experimenter divides subjects into subgroups called blocks, such that the variability within blocks is less than the variability between blocks. This is intended to eliminate possible influence by other extraneous factors. Like stratified sampling, randomized blo.....

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Quasi Experiment

Quasi Experiment

Quasi Experiment is a study in which the researcher manipulates the level of some independent variable and then measures the outcome. In a quasi-experiment, the control and treatment groups differ not only in terms of the experimental treatment they receive, but also in other, often unknown or un.....

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Grey Box Model

Grey Box Model

Grey Box Model is specify the mathematical structure of the model explicitly, including couplings between parameters. It is useful when know the relationships between variables, constraints on model behavior, or explicit equations representing system dynamics. Almost all models are grey box model.....

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Design of Experiments

Design of Experiments

Design of Experiments (DOE) is used to find cause-and-effect relationships. It is a systematic method to determine the relationship between factors affecting a process and the output of that process. This can be analyzed in many software programs, it is important for practitioners to understand b.....

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Research Design

Research Design

Research Design is to ensure that the evidence obtained enable to effectively address the research problem logically and as unambiguously as possible. The design of a study defines the study type, like as descriptive, correlational, semi-experimental, experimental, review, meta-analytic, and sub-.....

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Reproducibility

Reproducibility

Reproducibility is tested by a replication study, which must be completely independent and generate identical findings known as commensurate results. It is one of the main principles of the scientific method. It must be designed in such a way that anyone else anywhere else can reproduce it and ho.....

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Coefficient of Variation

Coefficient of Variation

Coefficient of Variation represents the ratio of the standard deviation to the mean, and it is a useful statistic for comparing the degree of variation from one data series to another, even if the means are drastically different from one another. It is calculated as the ratio of the root mean squ.....

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Reliability in Statistics

Reliability in Statistics

Reliability in Statistics  is frequently used in research contexts, in everyday use, the word “reliable” means dependable, consistent or unfailing. It is the characteristic of a set of test scores that relates to the amount of random error from the measurement process that might be e.....

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Logistic Distribution

Logistic Distribution

Logistic Distribution is inappropriate for modeling lifetime data because the left-hand limit of the distribution extends to negative infinity. It provided that the distribution in question has a relatively high mean and a relatively small location parameter, the issue of negative failure times s.....

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Large Deviations Theory

Large Deviations Theory

Large Deviations Theory applications use in many different scientific fields, ranging from queuing theory to statistics and from finance to engineering. It is also increasingly used in statistical physics for studying both equilibrium and nonequilibrium systems. Large Deviations Theory formalizes.....

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Extreme Value Theory

Extreme Value Theory

Extreme Value Theory  is useful in modelling the impact of crashes or situations of extreme stress on investor portfolios. It seeks to assess, from a given ordered sample of a given random variable, the probability of events that are more extreme than any previously observed. It faces many chall.....

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