We propose a new measure of reliability, called the cumulative mean intervals, that assesses the mean behaviour of a process by computing the probability that the cumulative sample mean will remain below its long-term sample mean with a given tolerance over a period of time. We further derive a lower bound for the measure when the underlying data is independent and identically distributed with a normal distribution. This deduction provides a preliminary basis for parallel extensions to the two limiting case when we compute the probability that the sample mean stays within a given distance from the true mean with no assumptions made on independence and normality.

KEYWORDS: cumulative mean, probability, reliability, intervals, sample mean.

"/> We propose a new measure of reliability, called the cumulative mean intervals, that assesses the mean behaviour of a process by computing the probability that the cumulative sample mean will remain below its long-term sample mean with a given tolerance over a period of time. We further derive a lower bound for the measure when the underlying data is independent and identically distributed with a normal distribution. This deduction provides a preliminary basis for parallel extensions to the two limiting case when we compute the probability that the sample mean stays within a given distance from the true mean with no assumptions made on independence and normality.

KEYWORDS: cumulative mean, probability, reliability, intervals, sample mean.

"/> We propose a new measure of reliability, called the cumulative mean intervals, that assesses the mean behaviour of a process by computing the probability that the cumulative sample mean will remain below its long-term sample mean with a given tolerance over a period of time. We further derive a lower bound for the measure when the underlying data is independent and identically distributed with a normal distribution. This deduction provides a preliminary basis for parallel extensions to the two limiting case when we compute the probability that the sample mean stays within a given distance from the true mean with no assumptions made on independence and normality.

KEYWORDS: cumulative mean, probability, reliability, intervals, sample mean.

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FORMULATION OF CUMULATIVE INTERVALS AS A MEASURE OF RELIABILITY FOR THE ASSESSMENT OF SAMPLE MEAN BEHAVIOUR.


Peter O. Peter
,
Abstract

We propose a new measure of reliability, called the cumulative mean intervals, that assesses the mean behaviour of a process by computing the probability that the cumulative sample mean will remain below its long-term sample mean with a given tolerance over a period of time. We further derive a lower bound for the measure when the underlying data is independent and identically distributed with a normal distribution. This deduction provides a preliminary basis for parallel extensions to the two limiting case when we compute the probability that the sample mean stays within a given distance from the true mean with no assumptions made on independence and normality.

KEYWORDS: cumulative mean, probability, reliability, intervals, sample mean.

Keywords:
Journal Name :
EPRA International Journal of Economic and Business Review(JEBR)

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Vol : 7
Issue : 4
Month : April
Year : 2019
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