Probability is a mathematical description of
randomness and uncertainty. It is a way to
measure or quantify uncertainty.
Another way to think about probability is
that it is the official name for "chance.
One way to think of probability is tha
Review exam 1 Business Statistics
1. In a statistics class with 136 students, the professor records how much money each student
has in their possession during the first class of the semester. The histogram shown below
represents the data he collected:
Module 1: Examining
Introduction to Exploratory Data
Data are pieces of information about
individuals organized into variables.
By an individual, we mean a particular
person or object.
By a variable, we mean a p
Randomness and probability
A phenomenon is random if individual
outcomes are uncertain, but there is
nonetheless a regular distribution of
outcomes in a large number of
The probability of any outcome of a random phenomenon ca
for Sample Means
Parameters vs. Statistics
(Definition)A parameter is a number that d
escribes the population; a statistic is a nu
mber that is computed from the sample.
The following table summarizes the three pairs,
and gives th
Explanatory and response
A response variable measures or records
an outcome of a study. An explanatory
variable explains changes in the response