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1. Distinguish between descriptive statistics and inferential statistics, between a population and a sample, and among the types of measurement scales. 2. Define a parameter, a sample statistic, and a frequency distribution. 3. Calculate and interpret relative frequencies and cumulative relative frequencies, given a frequency distribution. 4. Describe the properties of a data set presented as a histogram or a frequency polygon. 5. Calculate and interpret measures of central tendency,

1. Define a random variable, an outcome, an event, mutually exclusive events, and exhaustive events. 2. State the two defining properties of probability and distinguish among empirical, subjective, and a priori probabilities. 3. State the probability of an event in terms of odds for and against the event. 4. Distinguish between unconditional and conditional probabilities. 5. Explain the multiplication, addition, and total probability rules. 6. Identify the most appropriate method

1. Learn the difference between discrete and continuous probability distributions. 2. The binomial and normal distributions are the most important here. You must learn the properties of both distributions and memorize the formulas for the probability of a particular value when given a binomial probability distribution. 3. Learn what shortfall risk is and how to calculate and use Roy's safety-first criterion. 4. Know how to standardize a normally distributed random variable, use a z-t