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Author Question: Which of the following should certainly be known to select a value in the chi-square distribution ... (Read 75 times)

sc00by25

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on: Jun 24, 2018
Which of the following should certainly be known to select a value in the chi-square distribution table?
 
  A) the mean and the variance of the observations
  B) the level of significance and the variance of the observations
  C) the degrees of freedom and the mean of the observations
  D) the level of significance and the degrees of freedom

Question 2

Give an example to illustrate that the median should not always be preferred to the mean when the population or sample is skewed.
 
  What will be an ideal response?


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essyface1

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Reply #1 on: Jun 24, 2018
Answer to Question 1

D

Answer to Question 2

There are times when the mean would still be the preferred measure even if the distribution were skewed. Consider an insurance company that most likely faces a right-skewed distribution of claims. If the company wants to know the most typical claim size, the median is preferred. However, suppose the company wants to know how much money needs to be budgeted to cover claims, then the mean is preferred.


sc00by25

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Reply 2 on: Jun 24, 2018
Wow, this really help

chjcharjto14

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Reply 3 on: Yesterday
Excellent

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