Category: Probability & Statistics

Percentile is used in statistics to give us an idea of where a data value lies in relation to a group of data points.  It is also useful for ranking purposes, but it is important to know how to...

The mode of a data set gives you some indication of where the values are most clustered together.  However, this also raises questions of what else mode tells us, and how it compares to other...

Statistics are useful in many fields, including business.  Especially now, in the era of “big data”, having a good grasp of statistics can help to take your business from average to...

When using hypothesis testing in various fields (such as medicine or psychology), we often need to formulate both a null hypothesis and an alternative hypothesis.  It is important to know what...

After you learn how to calculate standard deviation and what it can tell you, the next logical step is to find out when this concept becomes useful. So, where is standard deviation used in real...

Standard deviation is used often in statistics to help us describe a data set, what it looks like, and how it behaves.  However, this raises the question of how standard deviation helps us to...