Category: Probability & Statistics

Standard deviation is an important statistic that helps us to get a sense of the spread of a data set.  We can use Excel to help us in our calculations, but there are a few things to be aware...

Probability is a concept that helps us to figure out the chance that an event (or sequence of events) will happen.  Probability can give us an idea of what to expect, which gives it many...

Probability and statistics are often combined into one course in high school or college classes.  However, there are some differences between these two fields. So, what is the difference...

Expected value is a statistical concept that helps us to figure out the value of a variable in the “average” case.  Expected value tells us what to expect, which gives it many applications...

Statistical dispersion helps us to get a handle on a data set by telling us whether its values are close together or far apart.  Some measures of statistical dispersion help us to figure out how...

Mean and standard deviation are both used to help describe data sets, especially ones that follow a normal distribution.  We can also figure out how “extreme” a data point is by calculating...