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Lecture1-1 - BUAD 310 Applied Business Statistics...

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BUAD 310 Applied Business Statistics 1/11/10
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Probability vs Statistics Example 1: Variation among all individuals The population of all USC college students each counting equally a probability space . The number of courses each student is enrolled in this semester -- a random variable (r.v.), which could be 1, 2, 3, etc. This r.v. is theoretically accessible out there but may not be readily known to us. With the information for each student available, probability guides us to figure out the mean of the above r.v. (e.g., 5). 2
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