Statistics

Concept of Critical Value with the help of Different Techniques to find it

A critical value is the test statistic’s value that establishes a confidence interval’s upper and lower boundaries. It explains how far away from the distribution’s mean you must be to account for a specific percentage of the overall variation in the data. For instance, 90%, 95%, and 99%. Your critical value will be the same …

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Variance in Statistics: Definition, Formulas, Properties, and Examples

The variance is a widely used concept in probability and descriptive statistics for measuring the variability of the given data. The variance is a technique for determining the various terms in finance. It is just the same as the standard deviation but it is measured in squared units. Let us explore the term variance. What …

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