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What else can I help you with?
The two uses of probability are what?
The two primary uses of probability are descriptive and inferential statistics. Descriptive probability involves summarizing and analyzing data to describe its characteristics, while inferential probability uses sample data to make predictions or generalizations about a larger population. Together, these uses help in understanding uncertainty and making informed decisions based on data.
What is the value of data?
IMHO, the value of a set of data is based on the economic value that can be realized using that data, and the probability that someone will apply the data to realize that value. Is this the kind of answer you are looking for? If so, we could develop an example case.
What is the importance of probability and statistics?
The importance of probability and statistics can be found in many business aspects. For example, a loan officer at a bank is going to need to analyze statistical data to determine the feasibility of a loan on a house in a given area. Scientists use probability and statistical data when performing experiments. It is also used in astronomy to calculate where a given star will be at a given time based on past statistical data.
Difference between objective probability and subjective probability?
Objective probability is based on some basis of fact, experimentation, or analysis. Subjective probability is based on someones guess.
What is a probability is based on repeated trials of an experiment?
It is empirical (or experimental) probability.
The two uses of probability are what?
The two primary uses of probability are descriptive and inferential statistics. Descriptive probability involves summarizing and analyzing data to describe its characteristics, while inferential probability uses sample data to make predictions or generalizations about a larger population. Together, these uses help in understanding uncertainty and making informed decisions based on data.
When the production manager finds the average life of her battery-lifetime data, it is an example of what phase of inferential statisticsA. Data OrganizationB. Probability-based Inference C. Data-AnalysisD. Data Gathering?
DATA GATHERING
What is the value of data?
IMHO, the value of a set of data is based on the economic value that can be realized using that data, and the probability that someone will apply the data to realize that value. Is this the kind of answer you are looking for? If so, we could develop an example case.
What is the importance of probability and statistics?
The importance of probability and statistics can be found in many business aspects. For example, a loan officer at a bank is going to need to analyze statistical data to determine the feasibility of a loan on a house in a given area. Scientists use probability and statistical data when performing experiments. It is also used in astronomy to calculate where a given star will be at a given time based on past statistical data.
Difference between objective probability and subjective probability?
Objective probability is based on some basis of fact, experimentation, or analysis. Subjective probability is based on someones guess.
What is the probability of a probability that is based on repetitions of an actual experiment?
Experimental
What probability is based on repeated trials of an experiment?
Experimental Probability
How do you find the probability density function?
The probability density function of a random variable can be either chosen from a group of widely used probability density functions (e.g.: normal, uniform, exponential), based on theoretical arguments, or estimated from the data (if you are observing data generated by a specific density function). More material on density functions can be found by following the links below.
How do you construct data table and the probability density?
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What is a probability is based on repeated trials of an experiment?
It is empirical (or experimental) probability.
What is the calculated probability based on relative frequency?
It is the empirical or experimental probability.
How useful probability in statistics?
Statistics is based on the theoretical foundation of probability.
