BUS 082 Lecture Notes - Lecture 5: Empirical Probability, Marginal Distribution, A Priori And A Posteriori

• School: College of The Sequoias
• Department: Business (BUS)
• Course: BUS 082
• Professor: bettencourt

Document Summary

Measures of a population are denoted in greek letters ( , ) Approximately 68% of the data in a bell shaped distribution will be within one standard deviation of the mean. 95% will be within 2 standard deviations. For data not in a bell shape. At least (1 - 1/k2) x 100% of the values will fall within k standard deviations of the mean (for k > 1) Be presented in a fair, objective and neutral manner. Should not use inappropriate summary measures to distort facts. Probability the chance or possibility that an uncertain event will occur. A priori based on prior knowledge of the process. P = number of ways event can occur / total number of outcomes. Empirical probability estimated from observed data. P = number of ways event has occurred / number of trials. Based on an individual"s past experience, personal opinion and/or analysis of the situation. Simple event described by a single characteristic.