Central Limit Theorem (CLT)
What Is the Central Limit Theorem (CLT)? In the study of probability theory, the central limit theorem (CLT) states that the distribution of sample means approximates a normal distribution (also known as a “bell curve”), as the sample size becomes larger, assuming that all samples are identical in size, and regardless of the population distribution […]
What Is the Correlation Coefficient?
What Is the Correlation Coefficient? The correlation coefficient is a statistical measure that calculates the strength of the relationship between the relative movements of two variables. Correlation coefficient values range from -1.0 to 1.0. If a calculated number is greater than 1.0 or less than -1.0, this indicates that there was an error in the […]
What Is the Difference Between Independent and Dependent Variables?
Independent versus Dependent Variables The two fundamental factors in an experiment are the independent and dependent variables. What is an independent variable? An independent variable is a variable that is changed or controlled in a scientific experiment in order to test the effects it will have on the dependent variable. What is the dependent variable? […]
A Refresher on Regression Analysis
You probably know by now that whenever possible you should be making data-driven decisions at work. In any case, do you realize how to parse through the majority of the information accessible to you? Fortunately, you likely don’t need to do the calculating yourself (thank heaven!) yet you do need to effectively comprehend and translate […]
Game theory is the science of strategy. It attempts to determine mathematically and logically the actions that “players” should take to secure the best outcomes for themselves in a wide array of “games.” The games it studies range from chess to child rearing and from tennis to takeovers. However, the games all offer the normal […]
Understand the mathematics of continuous change. Calculus is the mathematical study of things that change: cars accelerating, planets moving around the sun, economies fluctuating. To think about these evolving amounts, another arrangement of apparatuses – analytics – was created in the seventeenth century, always adjusting the course of math and science. functional analytics experience that […]
Statistics How To
The z-table is short for the “Standard Normal z-table”. The Standard Normal model is used in hypothesis testing, including tests on proportions and on the difference between two means. The area under the whole of a normal distribution curve is 1, or 100 percent. The z-table helps by telling us what percentage is under the […]
Standard Score (cont…)
Z-scores are expressed in terms of standard deviations from their means. Resultantly, these z-scores have a distribution with a mean of 0 and a standard deviation of 1. The formula for calculating the standard score is given below: As the formula shows, the standard score is basically the score, short the mean score, partitioned by […]
What is the variance
The variance is one of the measures of dispersion which is a measure of how much the values in the data set may differ from the average of the values. It is an average of the squares of the deviations from the average. The squaring of the deviations ensures that the negative and the positive […]
What Does PEMDAS Mean?
PEMDAS is an acronym for the words parenthesis, exponents, multiplication, division, addition, subtraction. Given at least two operations in an equation, the order of the letters in PEMDAS tells you which operation to do first, second, third, and so forth, until the equation is solved. In the event that there parentheses in an equation, PEMDAS […]