Chp 1 Notes: Motivation Flashcards

1
Q

What makes two objects interchangeable?

A

If they are indistinguishable, such as two red die. they look so similar that we cannot say which is which.

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2
Q

What does “Delta flight 1292 is on time 75% of the time” mean?

A

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.

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3
Q

What is the difference between average and the mean?

A

The average can mean running average. By the law of large numbers, the sequence of (running) averages converges to the mean.

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4
Q

What is a Monte-Carlo simulation?

A

a computer program that simulates the process of generating the outcomes using a pseudo-random number generator.

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