The normal probability distribution can be predicted with a sufficient sample size, forming a bell curve with higher concentration near the mean. Standard deviations explain the spread of data points from the mean. The principles are used in various applications, such as predicting test scores or analyzing financial trends. The principles of statistics hold that, […]
Empirical probability is based on actual occurrences of events, while estimated probability is based on general principles. Empirical probability becomes more reliable with more data, and can be used in economics and finance to inform decisions. Theoretical and empirical probabilities can diverge, indicating potential issues with the model used for theoretical probability. Empirical probability is […]
