# Statistics 101

### Differentiate between Mean, Median and Mode

The mean represents the average of all of the observations

### When is median a better measure of a distribution than mean?

The majority of statistical methods conduct inference using the population mean as the parameter of interest.

### What is Bayes’ Rule?

Bayes’ Rule is based on the definition of conditional probability and allows the original probability statement to be reversed and conditioned on the other event.

### How does Bayesian Statistics differ from the classical paradigm?

Classical Statistics is based around the notion that population parameters of a model are unknown but fixed

### What are the main components of a Bayesian Model?

Adapted from Bayes’ Rule, the basic setup of Bayesian inference is

### What is a probability function, and what properties must it satisfy?

Probability quantifies the degree of uncertainty in a random experiment, and a probability function maps elements in the sample space

### What is a random variable?

A random variable is a function that maps outcomes of an experiment, with some degree of uncertainty, to quantifiable values.

### What does it mean if observations are iid, and why is this a desirable property?

The abbreviation iid stands for independent, identically distributed, and refers to instances of a random variable that are samples in such a fashion.

### What does it mean for two events to be independent?

A pair of events are independent if the probability of one event occurring has no effect on the occurrence of the other event.