Explanation:
The Chi-Squared test is typically prioritized when computational intensity and sample size are of concern. Unlike the Kolmogorov-Smirnov (KS) and Anderson-Darling (AD) tests, which require sorting the entire dataset (a computationally intensive process for very large datasets), the Chi-Squared test simply bins the data into categories. This binning makes it computationally lighter and well-suited for large sample sizes, despite being sensitive to how the bins are defined.
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Q.64 While using goodness-of-fit tests for PIT distributions, a bank realizes it must choose the right test for the task at hand. Which test should they prioritize if computational intensity and sample size are of concern?
A
Kolmogorov-Smirnov test
B
Anderson-Darling test
C
Cramér-von Mises test
D
Chi-Squared test