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Statistics for Business Exam 2 Cheat Sheet (Chapters 4 and 5)

by: Angie Notetaker

Statistics for Business Exam 2 Cheat Sheet (Chapters 4 and 5) 285

Marketplace > Rutgers University > Statistics > 285 > Statistics for Business Exam 2 Cheat Sheet Chapters 4 and 5
Angie Notetaker

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About this Document

These notes can be printed and taken with you on the exam as the 3 page cheat sheet you are allowed. This document contains all the formulas needed for the exam as well as some definitions. The mat...
Statistics for Business
Study Guide
Math, Statistics, Statistics for Business, Pre- Business, business
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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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