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What is a hypothesis test?

A hypothesis test is a statistical test used to determine whether a particular hypothesis is true or false. It is a procedure for testing hypotheses to see whether or not they can be supported by data. Usually, hypothesis tests are used to determine the probability that a certain outcome will occur.

What is regression analysis?

Regression analysis is a mathematical technique used to predict future outcomes and determine the relationships between different variables. It can be used to predict the effect of a particular influencing factor on another variable or to determine which variables contribute most strongly to a particular metric. Applications of regression analysis include predicting sales volumes, determining prices, and determining credit risk.

What are the Gauss-Markov assumptions?

The Gauss-Markov assumptions are a group of assumptions used in linear regression analysis. They include the assumption that the influencing factors (the predictor variables) are independent of each other, the relationship between the influencing factors and the dependent variable is linear, the variance of the dependent variable is constant, and the residuals are normally distributed. The Gauss-Markov assumptions form the basis for linear regression analysis.

What is descriptive statistics?

Descriptive statistics is a form of statistics used to analyze and describe data. Descriptive statistics uses various procedures and techniques to extract and interpret information from large data sets. These include performing counts, calculating means, creating charts and graphs, and calculating correlation coefficients. Descriptive statistics can help gain a better understanding of the nature of data by helping to identify patterns and trends in the data.

What is the basic population?

The population is the set of all objects about which information is collected in a particular survey. It is the basis for creating a statistical survey and can consist of people, things, events or other elements.