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Blackjack - Using The Probability Theory to Increase your Odds
Before getting into this, you need to know How to calculate simple statistics. In opinion, Blackjack or 21 is a probability theory in itself. There are many different forms of "probability" in Blackjack, even before the game. We can apply the...
1 commentDiscrete and Continuos Data - The Differences
Before getting into this, you need to know How to calculate simple statistics. Several differences between discrete and continuous data would be that "continuous" data is: measured and represented by an infinite number of values and can possess...
11 commentsIs Money Discrete or Continuous? Population Distributions and Statistical Process Control
In my opinion, the measure of money can be both, but I lean more towards discrete. Why? For example, 1 and ½ pennies can’t be measured; the monetary value of one and ½ pennies can only be valued as a...
0 commentsConfidence Intervals - Why Are They Used?
The purpose of confidence of intervals is to determine a series of values from recurring samples of data so that the series of values of the specific population parameter is more likely to happen within the specified probability. Here’s my...
4 commentsP-Value, Degrees of Freedom, and Test Statistic: Differences
The difference between the P-Value, Degrees of Freedom, and Test Statistic value. Is the Test value different in T-Test of equal variance to that of unequal variance? The tests statistic is the t score itself. The Degrees of Freedom is a...
2 commentsNull and Alternative Hypothesis & Hypothesis Testing: An Example
Null and Alternative Hypothesis: Do they have to be Mutually Exclusive? In order to test a hypothesis, a null and alternative hypothesis have to be mutually exclusive. Although the null and alternative...
1 commentExplain It To Your Teen - Statistics: Validity and Reliability
Explain to your Teen what Reliability and Validity Means: Statistics Son/Daughter, in statistics, for example in a research survey, Validity would be defined by the supporting components that make the survey...
1 commentMedian Ascends, But The Mean Ascends Faster - Home Prices
In the past several years, the Median price of homes (in my locale) has ascended slightly; but, the Mean has ascended much faster. How is this possible? Although the ordinal median prices of homes in an...
0 commentsResearch & Statistics: Some Things You Need To Know
Identifying outliers in your data. Impact on a Regression Equation An Outlier is an extreme observation which can be represented by data points that fall beyond the scope of their expected value. Dependent upon the type of data gathered or data...
0 commentsFractions: The Denominator when you ADD or MULTIPLY
Why Fractions must have the same Denominator to be Added, but not when you Multiply When adding fractions, the denominator must remain the same due to the addition of a predetermined specified whole or part of a predetermined specified whole....
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