Permutation & Combination, Probabolity, Random Variables, PMF, Mean, Variance, Standard Deviation, and Coefficient of Variation

Question 1

Arrangement of outcomes where ORDER MATTERS

Answer 1

Permutation

Question 2

Formula of Permutation

Answer 2

nPr = n! / (n - r)!

Question 3

Arrangement of outcomes where ORDER DOES NOT MATTER

Answer 3

Combination

Question 4

Formula for Combination

Answer 4

nCr = n! / (n - r)! r!

Question 5

What are Random Variables?

Answer 5

Variables generated from a random experimenr

Question 6

Types of Random Variables

Answer 6

Discrete Random Variable (can be counted) and Continuous Randol Variable (measured)

Question 7

Consists of values a random variable can assume and the corresponding probabilities of values

Answer 7

PMF

Question 8

What is the meaning of PMF?

Answer 8

Probability Mass Functiin

Question 9

Properties of PMF

Answer 9

1.) Probability outcome is between 0 and 1 inclusive (can also equal to 0)
2.) Sum of all probability outcomes is 1
3.) List is exhaustive
4.) Pitcomes are naturally exclusive

Question 10

Theoretical average of the variable that is the expected value of the long-run.

Answer 10

Mean

Question 11

Describes how much a random variable differs from its expected value

Answer 11

Variance

Question 12

Meausre of the square root of the given variance

Answer 12

Standard Deviation

Question 13

Measure of relative dispersion thay expresses the standard deviation as a percentage of mean.

Answer 13

Coefficient if Variant (CV)

Question 14

Measure of relative dispersion that expresses the standard deviation as a percentage of mean.

Answer 14

Coefficient of Variant (CV)

Question 15

Formula of Mean

Answer 15

= Sum of [ x • P(x)]

Question 16

Formula of Variance

Answer 16

= Sum of [ x^2 • P(x)] - (mean)^2

Question 17

Formula of Standard Deviation

Answer 17

= squareroot of Variance

Question 18

Formula of Coefficient of Variant

Answer 18

= standard deviation / mean • 100