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Introduction: Revision on the last semester prerequisite course (Statistical Methods and its Application I) will be discussed with a view to keeping the students abreast with the present course. Parts of this revision will assist the students to be more familiar with the contents of ECO 208 as the case may be. You will recall that Statistical Method is a device for classifying data and making clear relationship between variable under consideration.
Introduction: Statistical Decision Theory
Introduction: In Statistics, one of the most, if not the most important goal is hypothesis testing. Hypothesis testing is presented through two independent statements: the null hypothesis and the alternative hypothesis. It is the statement of the alternative hypothesis that categorizes the tail of the test, and this should be articulated first. Before going deeper into hypothesis testing, let's discuss some associated terminologies of Testing of Hypothesis in Statistics.
Introduction: The Chi-square test (or distribution) was first introduced by Helmet in 1876 and later independently by Karl Pearson in 1900. Chi-square test is the widely used among the non-parametric tests, especially for categorical classification data at nominal and ordinal levels. Chi-square distribution arises in tests of hypotheses concerning the independence of two random variables and concerning whether a discrete random variable follows a specified distribution.
Introduction: Index Number is a statistical measure designed to show changes in a variable or group of related variables with respect to time, geographical locations or other characteristics such as income, expenditure, wages, profits, and so on. It is a device for estimating the trend in prices, wages, production and other economic variables in a given period relative to a base period.