Probability and Statistical Models

A statistical model includes a set of data generation assumptions and similar data from a larger population. A model represents the process of generating data, often in a much idealized manner. The model assumptions describe a set of probability dist... Read more

A statistical model includes a set of data generation assumptions and similar data from a larger population. A model represents the process of generating data, often in a much idealized manner. The model assumptions describe a set of probability distributions, some of which approximate the distribution from which a particular set of data is appropriately sampled. A model is generally specified through mathematical equations that relate one or more random variables and possibly other non-random variables. A model is therefore the formal representation of a theory. All statistical tests and estimators are based on statistical models. Statistical models are generally part of the basis of statistical information. The book focuses on models and techniques and introduces many of the basic concepts of stochastic modeling, which are now an essential part of nearly every scientific study. These models form the basis of well-known parametric lifespan distributions such as exponential, Weibull and gamma distributions. The book examines recent developments in theoretical and applied statistical science, highlights current significant results and shows their applications and new innovations. Less