Black Wednesday

What was ‘Black Wednesday’ Black Wednesday refers to September 16, 1992, when a collapse in the pound sterling forced Britain to withdraw from the European Exchange Rate Mechanism (ERM). The UK was forced out of the ERM because it was unable to prevent the value of the pound from falling below the lower limit specified … Read more

Goodness-Of-Fit

DEFINITION of ‘Goodness-Of-Fit’ The goodness of fit test is a statistical hypothesis test to see how well sample data fit a distribution from a population with a normal distribution. In other words, it tells you if your sample data represents the data you would expect to find in the actual population. BREAKING DOWN ‘Goodness-Of-Fit’ Goodness-of-fit … Read more