Category: Probability & Statistics

Variance is used in probability and statistics to help us find the standard deviation of a data set.  Knowing how to calculate variance is helpful, but it still leaves some questions about this...

Expected value is a useful tool for analysis in business and in game theory.  However, it is often presented in the context of dice rolling, where probabilities are uniform and calculations are...

Box plots are used often in statistics to give a visual summary of a data set.  However, this still raises the question of what exactly they reveal, and what we can calculate from what we are...

Standard deviation is used in statistics to tell us how “spread out” the data points are.  Having one or more data points far away from the mean indicates a large spread – but there are...

Mean and median are used often in statistics to help summarize the values in a data set.  However, there are questions about how they are related, how they differ, and what they mean. So,...

Probability is used to calculate the chance that an event will happen.  There are certain rules for probability that help to keep this concept well-defined, including total probability. So,...