Variance and Standard Deviation: A Complete Guide with Examples

To know the main difference between Variance and Standard Deviation is very important to understand. Both of these mathematical terms are usually used in many mathematical equations to solve problems. Initially, variance and standard deviation are used as metrics or methods to solve statistical problems. Both of these terminologies are used in probability theory as … Read more

What is Critical Value? Defined & Explained with Examples

In the field of statistics, the concept of critical value keeps an exceptional position. It plays a key role in several analytical and scientific fields confidence intervals, hypothesis testing as well as in decision-making. The critical value is integral and helps in dealing with data analysis. A test statistic is measured against a critical value … Read more