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Probability, Statistics and Other Frightening Stuff (Hardcover)
Loot Price: R2,271
Discovery Miles 22 710
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Probability, Statistics and Other Frightening Stuff (Hardcover)
Series: Working Guides to Estimating & Forecasting
Expected to ship within 12 - 17 working days
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Probability, Statistics and Other Frightening Stuff (Volume II of
the Working Guides to Estimating & Forecasting series)
considers many of the commonly used Descriptive Statistics in the
world of estimating and forecasting. It considers values that are
representative of the 'middle ground' (Measures of Central
Tendency), and the degree of data scatter (Measures of Dispersion
and Shape) around the 'middle ground' values. A number of
Probability Distributions and where they might be used are
discussed, along with some fascinating and useful 'rules of thumb'
or short-cut properties that estimators and forecasters can exploit
in plying their trade. With the help of a 'Correlation Chicken',
the concept of partial correlation is explained, including how the
estimator or forecaster can exploit this in reflecting varying
levels of independence and imperfect dependence between an output
or predicted value (such as cost) and an input or predictor
variable such as size. Under the guise of 'Tails of the unexpected'
the book concludes with two chapters devoted to Hypothesis Testing
(or knowing when to accept or reject the validity of an assumed
estimating relationship), and a number of statistically-based tests
to help the estimator to decide whether to include or exclude a
data point as an 'outlier', one that appears not to be
representative of that which the estimator is tasked to produce.
This is a valuable resource for estimators, engineers, accountants,
project risk specialists as well as students of cost engineering.
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