Discover how credibility theory helps actuaries use historical data to estimate risks and set insurance premiums; learn how ...

Business, like many other fields, can benefit from the use of statistics in estimating or predicting future events. An important tool for business statistics is a confidence interval, which helps a ...

Confidence intervals show the likelihood a data range contains the true mean, aiding investment decisions. A wider interval suggests lower estimate accuracy, influencing market and risk analysis ...

Process capability indices (PCIs) have long served as crucial metrics in assessing the performance and quality of manufacturing processes. Recent advances in statistical estimation techniques have not ...

Geoff Cumming receives funding from the Australian Research Council. Such research findings sound exciting because the word significant suggests important and large. But researchers often use the word ...

The number needed to treat, that is, the average number of patients a clinician needs to treat with a particular therapy to prevent one bad outcome,1 is a translation into clinical terms of the ...

In cohort studies with common outcomes, the odds ratio estimated from a logistic regression analysis is often interpreted as an indirect estimate of the risk ratio. In such settings, the odds ratio ...