Suppose you fit a logistic regression model to predict which government contracts your firm is likely to win based on several independent variables about the attributes of the contracts. Your firm will submit a bid for all contracts with predicted win probabilities exceeding a threshold P. If it becomes more expensive for your company to prepare and submit bids, what should happen to the threshold P? (select one) It should increase It should decrease NThe cost of oreparing and submitting a bid should not impact P
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
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