What is standard deviation?
A measure of how spread the values of a continuous variable are from the mean.
What is variance?
The average of the square differences from the mean.
Why is probability important?
List the 7 features of a normal distribution.
What does a smaller value of standard deviation mean?
Indicates that on average, observations do not deviate far from the mean.
What are the two properties of a standard normal distribution?
Mean = 0, standard deviation = 1.
What is the purpose of Z-scores?
Used to transform any value from any normal distribution into its corresponding value on a standard normal distribution.
What is the formula for Z?
Z = (X - mean) / standard deviation. X = observation
What is the Z-score?
The number of standard deviation units from the mean.
How are Z-scores spread around the mean?
What is the Central Limit Theorem?
For random sample, the larger the sample size (n), the closer the sampling distribution of the sample mean (x) is approximate to the normal curve.
What is standard error?
The standard deviation of the sampling distribution of the true mean.
What does the standard error tell us?
How much our sample is likely to differ randomly from the population, even when we don’t know the mean of the population.
What is standard error affected by?
The variation in our data and the sample size.
What is the formula for standard error?
standard deviation / (square root of sample size)
What is the formula of a standard error of a proportion?
S(p) = square root of p(1-p) / N . p = proportion