Statistics for Business Exam 2 Cheat Sheet (Chapters 4 and 5)
Statistics for Business Exam 2 Cheat Sheet (Chapters 4 and 5) 285
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This 3 page Study Guide was uploaded by Angie Notetaker on Tuesday March 29, 2016. The Study Guide belongs to 285 at Rutgers University taught by Zinonos in Fall 2015. Since its upload, it has received 70 views. For similar materials see Statistics for Business in Statistics at Rutgers University.
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Date Created: 03/29/16
Chapter 4: Random Variables and Probability Distribution • Types of Random Variables- A random variable is a variable that assumes numerical values associated with the random outcomes of an experiment o Discrete- the values of X are countable (finite) o Continuous- the values of X are uncountable (infinite) • Discrete Random Variables o Probability Distributions for Discrete Random Variables § Probability Distribution Function (p.d.f.)/ Probability Mass Function- A way to completely describe the random variable x. A probability distribution measures the probability that each of the random variables will occur or take on that value • fx(x) = P(x=x) o p(x) ≥ 0 o Σp(x)=1 (sum must equal 1) § Expected Value- population mean or central tendency of the pdf • M =xE[x]= Σxf (i x Σ x p(xi (multiply each possible value of x by its probability (p(x=x)) and then sum all of these products § Population Variance- - the average squared distance from the population mean • Var(x)= σ = E [(x – M ) ] = Σ(x- M ) f(x) = E[x ] – (M ) = [Σ x p(x=x) – 2 x x i x x i (M )x] § Standard Deviation
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