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What is Probability? Probability refers to the chance or likelihood of a particular event taking place. It’s a numerical measure between 0 and 1 that expresses how probable an event is. The closer a probability is to 1, the more certain the event. Conversely, a probability closer to 0 indicates a less likely event. What … Read more
What is Population variance? Population variance (σ²) is a crucial measure of how spread out the values are within a population. It reflects the average squared distance of each element in the population from the population mean (μ). A higher variance indicates a wider spread of data points, while a lower variance suggests the data … Read more
What are sample mean and population mean? Sample mean and Population mean are two key statistics used to measure the central tendency within a dataset. While they seem similar, they represent averages from different sources of data: Sample Mean (x̄) This represents the average value calculated from a subset (sample) of a larger population. It’s … Read more
What is the difference between percentage and percentile? Both percentage and percentile are used to express data points in relation to a whole, but they serve different purposes. Here’s a breakdown to understand the key differences: Percentage: Percentile: Example Here’s an analogy to illustrate the difference: Imagine a class of 100 students. In essence When … Read more
What is Central Tendency? In statistics, central tendency refers to a collection of summary measures that describe the typical or average value of a set of data. It helps us understand where most of the data points cluster within a distribution. There are three main measures of central tendency: Measures of central tendency Mean (Arithmetic … Read more