A probabilistic system is one where events and occurrences cannot be predicted with precise accuracy. It is contrasted by a deterministic system in which all events can be predicted with certainty.Know More
In a probabilistic system, unlike in a deterministic system, what has just occurred is not always an accurate predictor of what will transpire next. The weather, for example, is a probabilistic system, in that future events can only be imperfectly predicted.
The theory of probabilistic systems by extension leads to probabilistic analysis and forecasting. A probabilistic system must be analyzed according to the various possible outcomes and their relative probability of occurrence.Learn more about Statistics
Effectiveness and efficiency are measured by how rapidly change is expressed in organizational systems and how great the difference is over time. This allows companies to compare workforce performance before and after a change is made. Effectiveness and efficiency look at return on investment, employee engagement, client satisfaction and positive gains versus negative side effects of an endeavor.Full Answer >
A regression coefficient, commonly represented by an "m," is the slope of a straight line. This slope is obtained by fitting a linear equation to a data set containing two variables, typically "x" and "y."Full Answer >
Different types of probability include conditional probability, Markov chains probability and standard probability. Standard probability is equal to the number of wanted outcomes divided by the number of possible outcomes.Full Answer >
The median is the middle number when a set of numbers is arranged in order from smallest to largest, and the mean is the average of a set of numbers. Both these measurements are useful in performing statistical analyses of a number grouping and making projections about future results.Full Answer >