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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 calculated probability based on relative frequency?
It is the empirical or experimental probability.
What is a probability is based on repeated trials of an experiment?
It is empirical (or experimental) probability.
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 probability is based on repeated trials of an experiment?
Experimental Probability
What is the probability of a probability that is based on repetitions of an actual experiment?
Experimental
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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How useful probability in statistics?
Statistics is based on the theoretical foundation of probability.
What is the calculated probability based on relative frequency?
It is the empirical or experimental probability.
What is a probability is based on repeated trials of an experiment?
It is empirical (or experimental) probability.
Suppose a die is rolled 400 times and the number of times a 5 is rolled is 60 Calculate the empirical probability of rolling a 5 based on this data?
15
