The coefficient of variation (CV) is a statistical measure that represents the relative variability or dispersion of a dataset. It is calculated as the ratio of the standard deviation (SD) to the mean of the dataset, expressed as a percentage. The formula for CV is: CV = (SD / Mean)…

p-value P values are used to measure the significance of the observed data. We also use p values to measure the correlation of two variables with each other. …

Random Variable: All possible outcomes of a random experiment are random variables. A random variable set is denoted by X. Discrete Distributions Bernoulli Distribution We have a single trial (only one observation) and 2 possible outcomes. For example, flipping a coin. Let’s say we accept True for heads. Then if the probability of getting…

Gaussian distribution is a probability distribution that is symmetrical and bell-shaped. It is parametrized by its mean and standard deviation, and it is commonly used to model random variables that arise in natural phenomena such as the heights of individuals, the weight of objects, and many other physical phenomena. The…

This article delves into the multifaceted realm of probability, unraveling its fundamental concepts, approaches, and applications. From classical probability to mathematical, statistical, and subjective perspectives, the article provides valuable insights into quantifying chance and uncertainty. Gain a deeper understanding of probability and its significance in assessing the likelihood of events. —