FREQUENCY DISTRIBUTION WHAT IT IS Frequency distributions summarize and compress data by grouping it into classes and recording how many data points fall into each class. That is‚ they show how many observations on a given variable have a particular attribute. For example‚ a survey is taken of 50 people’s favorite color. The frequency distribution might indicate 15 people selected green‚ 12 blue‚ 6 red‚ 7 yellow‚ and 10 purple. Converting these raw numbers into percentages would then provide an
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Each loan has a 5% probability of default‚ in which case the bank is not repaid anything. The chance of default is independent across all the loans. Bank B has only one loan of $100 million outstanding‚ which it also expects will be repaid today. It also has a 5% probability of not being repaid. Explain the difference between the type of risk each bank faces. Which bank faces less risk? Why? The expected payoffs are the same‚ but bank A is less risky. (See solution to Problem 10–21 for full explanation
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MGT 601: Statistical Inference Lecture 03 Dr. MUMTAZ AHMED Objectives of Current Lecture In the current lecture: Introduction to Probability Definition and Basic concepts of probability Some basic questions related to probability Laws of probability Conditional probability Independent and Dependent Events Related Examples 2 Probability Probability (or likelihood) is a measure or estimation of how likely it is that something will happen or that a statement is true. For example
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Concepts 1. What is Inferential statistics? Inferential statistics uses observations of past occurrences or available data i.e. descriptive statistics to make decisions about future possibilities and/or the nature of the entire body of data. Inferential statistics draws conclusions or makes interpretations‚ predictions and inferences about a population based upon an analysis of a sample. 2. Give 2 different techniques which are used in descriptive statistics to represent the data. Tables or
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In statistics‚ a sample is a subset of a population. Typically‚ the population is very large‚ making a census or a complete enumeration of all the values in the population impractical or impossible. The sample represents a subset of manageable size. Samples are collected and statistics are calculated from the samples so that one can make inferences or extrapolations from the sample to the population. This process of collecting information from a sample is referred to as sampling. A complete sample
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Test Version A SEMESTER I EXAMINATIONS Mid-Term Assessment ECON 30110 Microeconomics II Time Allowed: 50 minutes Instructions for Candidates This exam counts for 30% of the Module Grade. All questions carry equal marks. Note there is NO negative marking Correct answer is worth 1 mark. No answer or more than one answer‚ will both receive a 0 mark. Incorrect answer will receive a 0 mark. Attempt all 20 questions. Shade in the box in the appropriate space with
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Syllabus for Statistics Course No. 21090024 Period：54 Credit：3 Course Nature：Compulsive Assessment: Usually 10%‚ Group Work 20%‚ Final Exam70% Textbook： Statistics(3rd Edition)， Junping Jia，Xiaoqun He，Yongjin Jin，China Renmin University Press，2007 Reference： Statistics for Business and Economics(7th Edition) Anderson‚ D.R.‚ & Sweeney‚ D.J. & Williams‚ T.A. 1.Introduction Statistics is a core curriculum for students in finance and economics major‚ which is a science method that starts with data
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Normal Distribution Normal distribution is a statistics‚ which have been widely applied of all mathematical concepts‚ among large number of statisticians. Abraham de Moivre‚ an 18th century statistician and consultant to gamblers‚ noticed that as the number of events (N) increased‚ the distribution approached‚ forming a very smooth curve. He insisted that a new discovery of a mathematical expression for this curve could lead to an easier way to find solutions to
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Define Statistics Statistics is the practice of gathering‚ sorting‚ and categorizing numerical information in an organized format that can be used to acquire results to specific problems. According to McClave‚ Benson‚ and Sincich (2011)‚ “Statistics is the science of data. It involves collecting‚ classifying‚ summarizing‚ organizing‚ analyzing‚ and interpreting numerical information” (p. 3). Different Types and Levels of Statistics There are two types of statistics. One is descriptive which defines
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Week Four Discussion 2 1. In your own words‚ describe two main differences between classical and empirical probabilities. The differences between classical and empirical probabilities are that classical assumes that all outcomes are likely to occur‚ while empirical involves actually physically observing and collecting the information. 2. Gather coins you find around your home or in your pocket or purse. You will need an even number of coins (any denomination) between 16 and 30. You do not
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