2008-08-06_133422_estimating_cost_functions

2008-08-06_133422_estimating_cost_functions - Extreme...

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Extreme values of observations occur from errors in recording costs. Recording the costs are always liable to errors especially when the entry is recorded manually or the electronic data are entered carelessly. Number figures are always prone to errors. Aside from a misplaced decimal point which is a very common cause of error, omitting or duplicating a number is another culprit that causes error. Many number figures are usually liable to error. Many zeros for example can possibly cause lacking or additional zero in the records and the decimal points can be mislooked. So for example 100,000.00 can become 10,000,000. Small discrepancy may be unnoticed but looking at the records, some extreme values can be noticed. The value can possibly be too small too. For example, the records shows mostly in 4 figures so if one entry only has 2 entries, something might be wrong. For example the records are usually by thousands (1,400 or 2,150 for example) and there is a figure expressed only in tens ( 53 or 79 for example), something can be wrong with such too
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2008-08-06_133422_estimating_cost_functions - Extreme...

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