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What is Poisson distribution? The Poisson Distribution is a type of probability distribution that is used to model the number of events occurring in a fixed interval of time or space. What describes a Poisson distribution? Discrete events: Poisson distribution applies to situations where evets are countable and they occur independently of each other, meaning … Read more
What is Binomial Distribution? The binomial distribution is a probability distribution that is used in situations where there are two possible outcomes in a series of events or in a series of independent trials, it describes the likelihood of getting a certain result in those trials. to understand better, imagine flipping a coin 100 times, … Read more
What is Standard Deviation? Standard deviation (SD) is a crucial statistic that measures how dispersed data points are within a dataset. It is expressed as σ (sigma) for populations and s (small sigma) for samples. In essence, it is the average squared difference between each data point and the data set mean (average). A higher … Read more
What is Sample Variance? In statistics, sample variance (s²) plays a crucial role in understanding how spread out data points are within a sample. It reflects the average squared distance of each data point in the sample from the sample mean (x̄). A higher variance indicates a wider spread of data points, while a lower … Read more
Before we dig into understanding normal distribution, we should first take a look at what distribution is? What is distribution? Distribution is a function that describes how the values of a variable are spread throughout the dataset. It reveals the possibility or frequency of each possible value occurring. For example, Imagine measuring the heights of … Read more