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17 Terms
1
Discrete Random Variable
A variable that can take on a countable number of values, such as the number of sales made in an experiment.
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2
Continuous Random Variable
A variable that can take on an infinite number of values within a given range, such as the weight of an object measured in grams.
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3
Standard Deviation
A measure of the amount of variation or dispersion of a set of values, specifically the positive square root of the variance.
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4
Expected Value
The average of all possible outcomes of a random variable, weighted by their probabilities.
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5
Binomial Experiment
A statistical experiment that has the following properties: a fixed number of trials, each trial can have two outcomes (success or failure), the probability of success is constant, and the trials are independent.
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6
Variance
A measure of how far a set of numbers are spread out from their average value, calculated as the expected value of the squared deviation from the mean.
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7
Point Estimate
A single value that serves as an estimate of a population parameter, such as the proportion or mean.
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8
Standard Error of the Mean
An estimate of the variability between sample means that you would obtain if you took multiple samples from the population.
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9
Symmetric Distribution
A distribution that can be divided into two identical halves, typically achieved in a binomial distribution when p equals 0.5.
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10
Normal Distribution
A probability distribution that is symmetric about the mean, depicting the distribution of variables as they tend to cluster around the mean.
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11
Z-Score
A statistical measurement that describes a value's relation to the mean of a group of values, expressed in terms of standard deviations.
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12
Simple Random Sample
A sample that is selected in such a way that every possible sample of a certain size has the same chance of being chosen.
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13
Hypothesis Testing
A method of statistical inference to determine whether there is enough evidence to reject a null hypothesis.
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14
Sampling Distribution
The probability distribution of a given statistic based on a random sample.
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15
Probability
The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.
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16
Sample Size (n)
The number of observations or replicates included in a statistical sample.
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17
Population Variance
A measure of the spread of a set of values in a population, calculated as the average of squared deviations from the population mean.
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