Understand Descriptive and Inferential Statistics Probability
Describing data through statistics:
1. Measure of Central Tendency
Mean
Median
Mode
Summarize a bunch of scores with a single number
Magnitude of values and order of values
Mean will get affected by outliers where as median gives the accurate information irrespective of outliers
2. Measures of spread
Range
Quartiles: Divides the data into 4 equal parts to study the percentiles
Variance : Is essentially the average squared distance of each variable from the mean of the data
Standard Deviation
Probability:
A probability distribution is a mathematical function that describes the likelihood of various variables having separate values. Probability distributions are frequently represented by graphs or probability tables.
Types of probability:
Joint Probability:
The probability of two events happening at the same time is referred to as joint probability.
P(A)P(B)
Where A is the first event and B is the second event.
Marginal Probability:
The probability of an event regardless of the outcome of another variable is referred to as marginal probability.
Conditional Probability:
The probability of one event occurring in the presence of another is referred to as conditional probability.
What is a Probability Density Function?
The equation describing a continuous probability distribution is called a Probability Density Function.
What is a Normal Distribution?
The Normal Distribution is a probability distribution that associates the normal random variable X with a cummulative probability.
Normal Probability Therorem
Six Sigma
What is Hypothesis Testing?
Statisticians use hypothesis testing to formally check whether the hypothesis is accepted or rejected
hypothesis testing is conducted int he following manner
State the Hypothesis: This State Involves stating the null and alternative hypothesis
Formulate an analysis plan: This state involves the construction of an analysis plan
Analyse sample data: This stage involves the calculation and interpretation of the test statistic as described in the analysis plan
Interpret results: This stage involves the application of the decision rule described in the analysis plan.
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