TIME SERIES and PROBABILITY Flashcards
Whats a time series graph?
Time series graphs are line graphs which show variation over time. Time is plotted on the horizontal axis.
What does a trend line shows?
A trend line shows the
general trend of the data over time.
What are the three types of trend line?
- upward (rising or increasing) trend
- downward (falling or decreasing) trend
- level (or no increase or decrease) trend.
What is meant by seasonal variations?
A pattern that repeats across any regular period.
What is meant by a moving average?
A moving average is a way of smoothing out the data in a time series. It makes it easier to account for seasonal variation and to see what the trend is.
What words can be used to describe the likelihood of an event happening?
Impossible
Unlikely
Evens
Likely
Certain
A fair six-sided dice is rolled.
Work out the probability of rolling a number greater
than 4.
2/6 or 1/3
Whats is a sample space?
A sample space, is a list of all the possible outcomes of a trial.
What is a mutually exclusive event?
Mutually exclusive events cannot occur at the same time.
What is an independent event?
If the outcome of one event does not affect the probability of another event occurring, the two events are independent.
What does retail price index (RPI) shows
The Retail Price Index shows changes in the cost of living. It gives a measure of prices in
everyday life, such as rental payments, food, heating and travel costs.
What does consumer price index (CPI) shows
The Consumer Prices Index also shows changes in the cost of living, but does not include mortgage payments.
What is meant by crude rate?
Crude rates are a simple way to compare population statistics such as births, deaths and
employment levels.
