STATISTICAL TECHNIQUES AND TOOLS
CONCEPT OF POINT AND INTERVAL ESTIMATION
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sample
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Population
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Normal Curve
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Error
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Detailed explanation-1: -The Analytic Hierarchy Process (AHP) provides a mathematical model that helps the decision makers arrive at the most logical choice, based on their preferences.
Detailed explanation-2: -Mathematical modeling provides a framework that, given data, facilitates understanding of how changes within the framework can affect outcomes. Modeling combined with data can explain past behavior, predict and forecast future behavior, and evaluate how changes may alter these predictions.
Detailed explanation-3: -The standard normal curve table is used to calculate the precise percentage of scores between the mean (Z-score of 0) and any other Z-score. It can be used to determine: the proportion of scores above or below a particular Z-score, the proportion of scores between the mean and a particular Z-score, and.
Detailed explanation-4: -The normal curve represents the shape of an important class of statistical probabilities (see Fig. 1 below). The normal curve is used to characterize complex constructs containing continuous random variables. Many phenomena observed in nature have been found to follow a normal distribution.