Definition: The Chi-Square Distribution, denoted as χ2 is related to the standard normal distribution such as, if the independent normal variable, let’s say Z assumes the standard normal distribution, then the square of this normal variable Z2 has the chi-square distribution with ‘K’ degrees of freedom. Here, K is the sum of the independent squared normal variables. The … [Read more...] about Chi-Square Distribution
Properties of F-Distribution
Definition: The F-distribution depends on the degrees of freedom and is usually defined as the ratio of variances of two populations normally distributed and therefore it is also called as Variance Ratio Distribution. Properties of F-Distribution There are several properties of F-distribution which are explained below: The F-distribution is positively skewed and with the … [Read more...] about Properties of F-Distribution
F-Distribution
Definition: The F-Distribution is also called as Variance Ratio Distribution as it usually defines the ratio of the variances of the two normally distributed populations. The F-distribution got its name after the name of R.A. Fisher, who studied this test for the first time in 1924. Symbolically, the quantity is distributed as F-distribution with ν1 =n1-1 and ν2 = n2-1 … [Read more...] about F-Distribution
Applications of t-Distribution
Definition: The t-distribution is a probability distribution method wherein the hypothesis of the mean of a small sample is tested, which is drawn from the systematic population whose standard deviation is unknown. It is a statistical measure used to compare the observed data with the data expected to be obtained from a specific hypothesis. Applications of t-distribution The … [Read more...] about Applications of t-Distribution
t-Distribution
Definition: The t-Distribution, also known as Student’s t-Distribution is the probability distribution that estimates the population parameters when the sample size is small and the population standard deviation is unknown. It resembles the normal distribution and as the sample size increases the t-distribution looks more normally distributed with the values of means and … [Read more...] about t-Distribution
Degrees of Freedom
Definition: The Degrees of Freedom refers to the number of values involved in the calculations that have the freedom to vary. In other words, the degrees of freedom, in general, can be defined as the total number of observations minus the number of independent constraints imposed on the observations. The degrees of freedom are calculated for the following statistical tests … [Read more...] about Degrees of Freedom
Hypothesis Testing Procedure
Definition: The Hypothesis is an assumption which is tested to check whether the inference drawn from the sample of data stand true for the entire population or not. Hypothesis Testing Procedure The following steps are followed in hypothesis testing: Set up a Hypothesis: The first step is to establish the hypothesis to be tested. The statistical hypothesis is an … [Read more...] about Hypothesis Testing Procedure
Hypothesis Testing
Definition: The Hypothesis Testing is a statistical test used to determine whether the hypothesis assumed for the sample of data stands true for the entire population or not. Simply, the hypothesis is an assumption which is tested to determine the relationship between two data sets. In hypothesis testing, two opposing hypotheses about a population are formed Viz. Null … [Read more...] about Hypothesis Testing
Economic Factors Influencing Consumer Behavior
Definition: The Economic Factors are the factors that talk about the level of sales in the market and the financial position of the consumer, i.e. how much an individual spends on the purchase of goods and services that contribute to the overall sales of the company. The following are the main economic factors that greatly influence the consumer buying behavior: … [Read more...] about Economic Factors Influencing Consumer Behavior
Personal Factors Influencing Consumer Behavior
Definition: The Personal Factors are the individual factors to the consumers that strongly influences their buying behaviors. These factors vary from person to person that results in a different set of perceptions, attitudes and behavior towards certain goods and services. Some of the important personal factors are: Age: The consumer buying behavior is greatly … [Read more...] about Personal Factors Influencing Consumer Behavior