Probability Distributions

Front

What is a probability distribution?

Back

A probability distribution is a mathematical function that describes the likelihood of obtaining the possible values that a random variable can take.

Front

What is the mean (expected value) of a probability distribution?

Back

The mean (expected value) is the average of all possible values of a random variable, weighted by their probabilities.

Front

How do you calculate the probability of an event?

Back

Probability of an event = (Number of favorable outcomes) / (Total number of outcomes).

Front

What does a z-score represent?

Back

A z-score represents the number of standard deviations a data value is above or below the mean.

Front

What is the significance of a negative expected value?

Back

A negative expected value indicates that, on average, you are expected to lose in the long run.

Front

What is a discrete probability distribution?

Back

A discrete probability distribution is one that deals with discrete random variables, which can take on a countable number of values.

Front

What is a continuous probability distribution?

Back

A continuous probability distribution is one that deals with continuous random variables, which can take on an infinite number of values within a given range.

Front

What is the sum of probabilities in a probability distribution?

Back

The sum of all probabilities in a probability distribution must equal 1.

Front

What is the difference between independent and dependent events?

Back

Independent events do not affect each other's outcomes, while dependent events do.

Front

What is the law of large numbers?

Back

The law of large numbers states that as the number of trials increases, the experimental probability will converge to the theoretical probability.