Fundamentals of Statistics – Week 12

These flashcards cover key terms and concepts related to the exponential and normal distributions in statistics.

Exponential Distribution

A continuous probability distribution that describes the time between events in a Poisson process.

Probability Density Function (PDF)

A function that describes the likelihood of a random variable to take on a given value.

Mean (µ)

The average or expected value of a random variable.

Variance (σ²)

A measure of the dispersion of a set of values.

Central Limit Theorem (CLT)

States that the distribution of the sample average approaches a normal distribution as the sample size becomes large.

Standard Normal Distribution

A normal distribution with a mean of 0 and a standard deviation of 1.

Memoryless Property

A characteristic of the exponential distribution where the probability of an event occurring in the next interval is independent of how much time has already passed.

Poisson Process

A stochastic process that models a series of events occurring randomly over a specified interval of time or space.

Z-Table

A table that shows the cumulative probability of a standard normal distribution.

Continuous Probability Distribution

A probability distribution that deals with continuous random variables.