Chp 1 Notes: Motivation Flashcards
What makes two objects interchangeable?
If they are indistinguishable, such as two red die. they look so similar that we cannot say which is which.
What does “Delta flight 1292 is on time 75% of the time” mean?
7% of flight 1292 flights in the last year have been on time. So we infer that there is a 75% chance that it will be on time by implicitly assuming that this flight is interchangeable with all of the other flights last year.
What is the difference between average and the mean?
The average can mean running average. By the law of large numbers, the sequence of (running) averages converges to the mean.
What is a Monte-Carlo simulation?
a computer program that simulates the process of generating the outcomes using a pseudo-random number generator.