WORKING WITH NAMED PROBABILITY MODELS
... teeth conditions influence each other? Not a lot, so, yes, independent. Probability of removal is the same for each of you? Maybe mom being older has a greater than 20% chance, but let’s go with each of you has a 20% chance. Question asks about ‘how many’? Yes. We know (because of theorems from clas ...
... teeth conditions influence each other? Not a lot, so, yes, independent. Probability of removal is the same for each of you? Maybe mom being older has a greater than 20% chance, but let’s go with each of you has a 20% chance. Question asks about ‘how many’? Yes. We know (because of theorems from clas ...
independent identically distributed
... A collection of random variables Xi (i ∈ I) is said to be independent identically distributed, if the Xi ’s are identically distributed, and mutually independent (every finite subfamily of Xi is independent). This is often abbreviated as iid. For example, the interarrival times Ti of a Poisson proce ...
... A collection of random variables Xi (i ∈ I) is said to be independent identically distributed, if the Xi ’s are identically distributed, and mutually independent (every finite subfamily of Xi is independent). This is often abbreviated as iid. For example, the interarrival times Ti of a Poisson proce ...
Recommendation of a Strategy
... Discrete Probability Distributions are a description of probabilistic problem where the values that are observed are contained within predefined values ...
... Discrete Probability Distributions are a description of probabilistic problem where the values that are observed are contained within predefined values ...
Binomial random variables
... 3. The probability is 0.04 that a person reached on a “cold call” by a telemarketer will make a purchase. If the telemarketer calls 40 people, what is the probability that at least one sale with result? ...
... 3. The probability is 0.04 that a person reached on a “cold call” by a telemarketer will make a purchase. If the telemarketer calls 40 people, what is the probability that at least one sale with result? ...
Unit 10
... Final Exam - Chapter 10 Review 1. The cure rate for a particular disease is 78%. What is the probability that at least 8 out of 9 patients is cured? ...
... Final Exam - Chapter 10 Review 1. The cure rate for a particular disease is 78%. What is the probability that at least 8 out of 9 patients is cured? ...
Law of large numbers
In probability theory, the law of large numbers (LLN) is a theorem that describes the result of performing the same experiment a large number of times. According to the law, the average of the results obtained from a large number of trials should be close to the expected value, and will tend to become closer as more trials are performed.The LLN is important because it ""guarantees"" stable long-term results for the averages of some random events. For example, while a casino may lose money in a single spin of the roulette wheel, its earnings will tend towards a predictable percentage over a large number of spins. Any winning streak by a player will eventually be overcome by the parameters of the game. It is important to remember that the LLN only applies (as the name indicates) when a large number of observations are considered. There is no principle that a small number of observations will coincide with the expected value or that a streak of one value will immediately be ""balanced"" by the others (see the gambler's fallacy)