STATS AND PROB WW2 REVIEWER

Statistics

The science involving methods for collecting, organizing, summarizing, analyzing, and drawing conclusions about data.

Probability

The exact value of chance that an event will occur.

Experiment

An action or process that can be performed repeatedly and whose outcome varies.

Event

A specific result that may or may not occur.

Chance

The likelihood of a particular event to happen.

Outcome

The possible results of occurrences.

Random Variable

Associates a numerical value with each possible outcome of a random experiment, often denoted by uppercase letters (X, Y, Z).

Discrete Random Variable

Possible values are typically countable and can be listed individually.

Continuous Random Variable

Possible values form a continuous range within a specified interval.

Discrete Probability Distribution (DPD)

A list of probabilities for each of the possible outcomes in an experiment.

Probability Mass Function (PMF)

A function that gives the probability that a discrete random variable is exactly equal to a specific value.

Mean (in statistics)

Also known as the average; a measure of central tendency of a dataset.

Variance

A measure of how data points differ from the mean.

Standard Deviation

Measures the amount of variation or dispersion in a dataset.

Expected Value

The calculated average outcome of a random event, considering all possible outcomes and their probabilities.

Fair Game

A game where the expected value of the total winnings is equal to the bet, meaning the average outcome is zero.