base rate (Meaning)
Wordnet
base rate (n)
the interest rate set by the Bank of England for lending to other banks
Synonyms & Antonyms of base rate
No Synonyms and anytonyms found
base rate Sentence Examples
- Epidemiologists use the base rate as a reference point to assess the likelihood of a specific event occurring.
- The base rate of a disease can influence the interpretation of diagnostic tests, as it affects the probability of a false positive or false negative result.
- Researchers should consider the base rate of the phenomenon they are studying to prevent overinterpretation of findings.
- The base rate fallacy refers to the tendency to ignore the base rate and focus only on the information presented.
- In statistics, the base rate is the prior probability of an event, which is essential for making inferences.
- The base rate can be estimated from historical data or through surveys and sampling methods.
- Marketers often rely on the base rate to estimate the likelihood of conversion for a marketing campaign.
- Understanding the base rate helps in determining the strength of a relationship between variables, as well as the level of uncertainty associated with a prediction.
- In decision-making, considering the base rate provides a context for evaluating the importance and relevance of new information.
- The base rate provides a benchmark against which changes or deviations can be detected and analyzed, allowing for more informed conclusions.
FAQs About the word base rate
the interest rate set by the Bank of England for lending to other banks
No synonyms found.
No antonyms found.
Epidemiologists use the base rate as a reference point to assess the likelihood of a specific event occurring.
The base rate of a disease can influence the interpretation of diagnostic tests, as it affects the probability of a false positive or false negative result.
Researchers should consider the base rate of the phenomenon they are studying to prevent overinterpretation of findings.
The base rate fallacy refers to the tendency to ignore the base rate and focus only on the information presented.
