Differentiate between Mean, Median and Mode
The mean represents the average of all of the observations
The mean represents the average of all of the observations
The majority of statistical methods conduct inference using the population mean as the parameter of interest.
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.
Classical Statistics is based around the notion that population parameters of a model are unknown but fixed
Adapted from Bayes’ Rule, the basic setup of Bayesian inference is
Probability quantifies the degree of uncertainty in a random experiment, and a probability function maps elements in the sample space
A random variable is a function that maps outcomes of an experiment, with some degree of uncertainty, to quantifiable values.
The abbreviation iid stands for independent, identically distributed, and refers to instances of a random variable that are samples in such a fashion.
A pair of events are independent if the probability of one event occurring has no effect on the occurrence of the other event.
A pair of events are mutually exclusive if their intersection is the empty set