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310
| Term | Definition |
|---|---|
| descriptive statistics | methods of organizing, summarizing, and presenting data in ways that are useful, attractive and informative |
| inferential statistics | methods used to draw conclusions about a population based on information provided by a sample of the population |
| population | a set of all items of interest |
| parameter | a descriptive measure of a population |
| sample | a set of data drawn from the studied population |
| statistic | a descriptive measure of a sample |
| Chebysheff's Theorem | the proportions of observations that lie within k standard deviations of the mean is at lease 1 - 1/k^2 |
| Empirical Rule | 68% of the data lies within 1 st. dev of the mean, 95% lie within 2 st. dev of the mean, 99%+ over 3 st. dev of mean |
| Least Squares Method | drawing a straight line through the data to measure how well the straight line fits the data |
| Stratified Random Sample | one in which the population is separated into mutually exclusive layers, or strata, from which simple random samples are drawn |
| Simple Random Sample | one in which each element of the population has an equal chance of appearing |
| Classical Approach | assigning equal probabilities to all the simple events |
| Relative Frequency Approach | expresses the probability of an outcome as the relative frequency of its occurrence based on past experience |
| Subjective Approach | assigns probability to an event based on personal judgement |
| Baye's Law | a method of revising probabilities after another event occurs |
| Random Variable | a function that assigns a numerical value to each simple event in a sample space |
| Discrete Random Variable | a random variable that can assume only a countable number of values (finite or infinite) |
| Continuous Random Variable | a random variable that can assume an uncountable number of values |
| Expected Value | population mean |
| Bivariate Distribution | probability distribution of two variables |
| Binomial Experiment | 1) there are a fixed number of n trials 2) each trial results in either success or failure 3) the probability of p of success remains constant from trial to trial 4) each trial is independent of other |
| Binomial Random Variable | the number of successes in the n trials of a binomial experiment |
| Poisson Distribution | the probability distribution of the Poisson random variable |
| Poisson Random Variable | the number of successes that occur in a period of time or an interval of space in a Poisson experiment |
| Poisson Experiment | the number of "successes" or events can be counted within a fixed interval of time or space, and these events occur independently with a known average rate |
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user-1990959