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What else can I help you with?
What is probability of death?
Statistically speaking; a sure thing.
How probability useful in whether forecasting?
Most people are not statistically trained so the probability of whether or not you are forecasting is so close to 0 that knowing its value is of little help.
If it is statistically significant does that automatically mean it is managerially significant?
No, it is not.
What does it mean for the finding of a statistical analysis of data to be statistically significant?
Data is statistically significant if the p (probability) value is below a certain level (ex: 5% or 1%). The p value describes how often one would receive the results they got if left to chance alone. The lower the p value, the less likely it is that your results were due to chance and is stronger evidence against the null hypothesis. Also important to keep in mind is that just because something is statistically significant does not mean it is practically significant.
What does it mean to find the probability of an event?
Read the introduction to probability and probability measures at StatLect.com
What is probability of death?
Statistically speaking; a sure thing.
How probability useful in whether forecasting?
Most people are not statistically trained so the probability of whether or not you are forecasting is so close to 0 that knowing its value is of little help.
What is the relationship between conditional probability and the concept of statistical independence?
If events A and B are statistically indepnedent, then the conditional probability of A, given that B has occurred is the same as the unconditional probability of A. In symbolic terms, Prob(A|B) = Prob(A).
If it is statistically significant does that automatically mean it is managerially significant?
No, it is not.
What does it mean for the finding of a statistical analysis of data to be statistically significant?
Data is statistically significant if the p (probability) value is below a certain level (ex: 5% or 1%). The p value describes how often one would receive the results they got if left to chance alone. The lower the p value, the less likely it is that your results were due to chance and is stronger evidence against the null hypothesis. Also important to keep in mind is that just because something is statistically significant does not mean it is practically significant.
What does it mean for the findings of a statistical analysis of data to be statistically significant?
Data is statistically significant if the p (probability) value is below a certain level (ex: 5% or 1%). The p value describes how often one would receive the results they got if left to chance alone. The lower the p value, the less likely it is that your results were due to chance and is stronger evidence against the null hypothesis. Also important to keep in mind is that just because something is statistically significant does not mean it is practically significant.
What does fair mean from a probability perspective?
From a probability perspective fair means equal probability.
What does it mean to find the probability of an event?
Read the introduction to probability and probability measures at StatLect.com
What does and mean in probability?
It means multiply, Probaility of A and B means probability of A multiplied by probability of B.
The mean of a binomial probability distribution can be determined by multiplying?
The mean of a binomial probability distribution can be determined by multiplying the sample size times the probability of success.
What does probability level mean?
The probability level for an outcome is the probability that the outcome was at least as extreme as the one that was observed.
What is the significance of the mean of a probability distribution?
The significance of the mean of a probability distribution is that it is the most probably thing to happen. The mean is the average of a set of values. If it is the average of a probability distribution, it is the most probable part.
