final

Question 1

frequency

Question 2

event

Answer 2

Any specific outcome that might occur. Mutually exclusive with other events.

Question 3

probability

Answer 3

-A number, between 0 and 1, assigned to each of the possible outcomes in the sample space.
-Often written as with P or Pr.

Question 4

marginal prob

Answer 4

probability of one event happening independently of others

Question 5

joint prob

Answer 5

-likely hood of two events happening simultaneously
-generally: Pr(A ∩ B) = Pr(A)Pr(B|A)
-independent: Pr(A ∩ B) = Pr(A)Pr(B)

Question 6

conditional prob

Answer 6

• the chances of one event happening given that another event occured.
• Pr(A | B) = Pr(A ∩ B)/Pr(B)
• joint / marginal prob

Question 7

random variable

Question 8

prob distribution

Question 9

discrete distribution

Answer 9

A discrete distribution is one in which the data can only take on certain values, for example integers

Question 10

continuous distribution

Answer 10

A continuous distribution is one in which data can take on any value within a specified range (which may be infinite).

Question 11

parameter

Answer 11

a number describing a whole population (e.g., population mean)

Question 12

Normal distribution

Answer 12

-mean, median and mode are the same.
-symmetric
-Unimodal
-bell shaped

Question 13

central limit theorem

Answer 13

distribution of sample means approximates a normal distribution as the sample size gets larger.

Question 14

z score

Answer 14

measures exactly how many standard deviations above or below the mean a data point is.

Question 15

critical value

Answer 15

defines regions in the sampling distribution of a test statistic.

Question 16

prob interval

Answer 16

refers to the probability that a population parameter will fall between a set of values for a certain proportion of times.

Question 17

law of large numbers

Answer 17

as a sample size grows, its mean gets closer to the average of the whole population.

Question 18

standard error

Answer 18

the approximate standard deviation of a statistical sample population

Question 19

standard error of the mean

Answer 19

measures how much discrepancy is likely in a sample’s mean compared with the population mean.

Question 20

hypothesis testing

Answer 20

a statistical method used to determine if there is enough evidence in a sample data to draw conclusions about a population.

Question 21

sample space

Answer 21

A set of all the events that might occur. Often denoted with the Greek letter Ω.

Question 22

stat significance

Question 23

t stat

Question 24

p value

Question 25

confidence interval

Question 26

stat independence

Question 27

degrees of freedom

Question 28

fitted value

Question 29

correlation coefficient

Question 30

regression coefficient

Question 31

population parameter

Question 32

sample parameter

Question 33

least squares

Question 34

residual

Question 35

error term

Question 36

omitted variable bias

Question 37

root mean squared error

Question 38

goodness of fit

Question 39

coefficient of determination

Question 41

axiom of prob

Answer 41

An axiom is an assumption we cannot prove, and must make to get started in a field of mathematics