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A risk–benefit ratio (or benefit-risk ratio) is the ratio of the risk of an action to its potential benefits. Risk–benefit analysis (or benefit-risk analysis) is analysis that seeks to quantify the risk and benefits and hence their ratio. Analyzing a risk can be heavily dependent on the human factor.
The concept of data type is similar to the concept of level of measurement, but more specific. For example, count data requires a different distribution (e.g. a Poisson distribution or binomial distribution) than non-negative real-valued data require, but both fall under the same level of measurement (a ratio scale).
Fiveable, an online learning community for high school students, made its first-ever acquisition earlier this week: Hours, a virtual study platform built by a 16-year-old. Fiveable is a free ...
The ratio estimator is a statistical estimator for the ratio of means of two random variables. Ratio estimates are biased and corrections must be made when they are used in experimental or survey work. The ratio estimates are asymmetrical and symmetrical tests such as the t test should not be used to generate confidence intervals.
In general, John Aitchison defined compositional data to be proportions of some whole in 1982. [1] In particular, a compositional data point (or composition for short) can be represented by a real vector with positive components. The sample space of compositional data is a simplex: = {= [,, …,] | >, =,, …,; = =}.
Some types of normalization involve only a rescaling, to arrive at values relative to some size variable. In terms of levels of measurement, such ratios only make sense for ratio measurements (where ratios of measurements are meaningful), not interval measurements (where only distances are meaningful, but not ratios).
Nominal data is often compared to ordinal and ratio data to determine if individual data points influence the behavior of quantitatively driven datasets. [1] [4] For example, the effect of race (nominal) on income (ratio) could be investigated by regressing the level of income upon one or more dummy variables that specify race. When nominal ...
In pattern recognition, information retrieval, object detection and classification (machine learning), precision and recall are performance metrics that apply to data retrieved from a collection, corpus or sample space. Precision (also called positive predictive value) is the fraction of relevant instances among the retrieved instances. Written ...