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 MoreIn 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 MoreR-squared is used for linear regression analysis by transforming the dependent variable in a regression model that is fitted to a particular set of data. In order to use R-squared on a specific regression model, a statistician may have to start with other transformations such as logging and deflating so as to eliminate unnecessary variability caused by factors such as inflation. These transformations explain a significant amount of variance.
Full Answer >Sample mean is calculated by finding the sum of all terms in the selected sample and dividing this figure by the total number of terms. This formula is used to compute the average of the data collected.
Full Answer >In mathematics, particularly in the field of statistics, the mode is the value that occurs most often in a series of numbers. It is also referred to as the modal value. If a set of data values does not have a repeating number, then it has no mode.
Full Answer >Parametric testing is defined by making one or more assumptions about the population's properties. The most common assumptions to make are that the population will be normally distributed or have data based on an equal-interval scale.
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