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Difference between PERT and CPM

A project involves a large number of interrelated activities (or tasks) that must be completed on or before a specified time limit, in a specified sequence (or order) with specified quality and minimum cost...

Calculating Kurtosis in Excel

When the data is plotted in the form of a histogram it exhibits a degree of peakedness or flatness. The degree of peakedness or flatness of the data can be measured by calculating the...

Quartiles for Normal Distribution

Let X be a random variable that follows the normal distribution with mean mu and variance sigma^2. The quartiles of the normal distribution refer to those values of the random variable which divide the...

Expected Value of X^3 – Definition | Calculation | Examples

In this article, we will explain how to calculate the expected value of X^3 where X can be any continuous or discrete random variable. For a discrete random variable, the expected value is calculated...

Is Age a Discrete or a Continuous Variable? (Simple Explanation)

Variables in statistics are divided into two kinds - discrete or continuous depending on the values taken by the variable. If the variable takes only integer or whole number values then the variable is...

Is Eye Color a Nominal Variable?

When dealing with any real life data set, the data values so obtained are divided into four different kinds of variables. These are also known as the four scales of measurement. The variables are: Nominal...

Converting Improper Fraction to Proper Fraction

In this article we will explain the meaning of the following terms: Proper Fraction.Improper Fraction.Mixed Fraction. We then explain how we can convert one kind of fraction into another type of fraction. How to Convert an Improper...

Advantages and Disadvantages of Operations Research

Operations research is the application of the methods of science to complex problems in the direction and management of large systems of men, machines, materials, and money in the industry, business, government, and defense....

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