You are member of an engineering team designing a new plant unit with several pumps having various power ratings. The initial design has been done and it has been determined that the power rating of the pumps you are going to install are within 15-100 kW range. Which means, for example, some of the pumps need just 15 kW power, some need 30 kW, some 50 kW, etc. The leader of the team says that for an initial cost estimate of the pumps, a correlation between pump cost (together with its motor) and pump motor power needs to be established for pumps from different manufacturers having the given capacity. Describe how you can model this problem and provide a correlation between pump cost and pump motor power.
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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