Risk 1 - Summarising & Analysing Data Flashcards
1
Q
Risk describes…
A
When we know the possible outcomes and can estimate the associated possibilities.
2
Q
Uncertainty…
A
Is when we don’t know the possible outcomes or associated possibilities.
3
Q
Discrete variables…
A
Take specific values (1, 2, 30…).
4
Q
Continuous variables…
A
Can take any level of precision (1.7, 20.057…)
5
Q
Standard Deviation =
A
SQRT[ (Efx^2)/(Ef) - {(Efx)/(Ef)}^2 ]
6
Q
Range =
A
Highest value - Lowest value + 1.
7
Q
Coefficient of Variation =
A
Is a measure of dispersion of data points around the mean.
Standard Deviation) / (Mean
