WCOB 1033 Lecture Notes - Lecture 6: Standard Normal Deviate, Standard Deviation, Probability Distribution

• School: University of Arkansas
• Department: Walton College of Business
• Course: WCOB 1033
• Professor: Katie Terrell

Document Summary

Back to inference remember that we use sample data to make an inference about population. To make inference about population, we have to make an assumption about the population. Mode: most frequently occurring value in a datasheet. Dispersed: scattered, spread out once we make the assumption about population being symmetric . Variance & standard deviation you do not need to learn how to calculate but need to understand what they rep- resent. Standard deviation used to describe how dispersed a set of data is wider the data is spread out = higher standard deviation. Symmetric distribution = normal population"s data is defined by its mean & standard deviation. Probability distribution list all of possible values of the random variable (x-axis) Y-axis: how likely each value is to occur (possibility) Completely described by 2 parameters mean = mu ( ) standard deviation = sigma ( ) Changing standard deviation, curve= more/ less spread out.