SOAN 3120 Lecture : Lecture - September 17th.docx

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Soan *3120 quantitative methods september 17 th , 2014. Knowing the mean and standard deviation allows us to make various conclusions about. 68% of the observations fall within one standard deviation of the mean. 95% of the observations fall within two standard deviations of the mean. 99. 7% of the observations fall within three standard deviations of the mean. Probability = the proportion of time an outcome will occur in a very long series of repetitions. Two events are independent if the probability that one event occurs on any given trail of an experiment is not affected or changed by the occurrence of the other event. Imagine that these coins were spread out so that half were heads up and half were tails up. The probability of it being heads is 0. 5. However, if you don"t put it back in the pile, the probability of picking up another coin and having it be heads is now less than 0. 5.

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