If you want to take your understanding of probabilities to the next level, it's crucial to be familiar with the concept of a probability distribution. In short, a probability distribution is an assignment of probabilities or probability … [Continue reading]
A few posts ago I introduced you to the "three M's" of statistics — the concepts of mean, mode, and median. Today I want to talk to you about a related concept called variance. While the three M's measure the central tendency of a collection of … [Continue reading]
Expected value is another central concept in probability theory. It is a measure of the "long-term average" of a random variable (random process). I know this doesn't sound too clear, but in this post I'm going to explain exactly what it … [Continue reading]
The law of large numbers is one of the most important theorems in probability theory. It states that, as a probabilistic process is repeated a large number of times, the relative frequencies of its possible outcomes will get closer and closer to … [Continue reading]
The concepts of mean, median, and mode are fundamental to statistics, probability theory, and anything related to data analysis as a whole. Being this important, they deserve their own introduction. In statistics, these 3 concepts are examples of … [Continue reading]
"Simple explanations are better than complex explanations." — have you heard this statement before? It's the most simplified version of the principle called Occam's razor. More specifically, the principle says: A simple theory is always preferable to … [Continue reading]