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Probability and Statistics Terms
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Median
The middle number in a sorted list of numbers.
Mode
The number that appears most frequently in a data set.
Variance
A measure of how much numbers in a data set differ from the mean.
Standard Deviation
The square root of the variance, giving a measure of the spread of a set of values.
Probability
A measure of the likelihood that an event will occur.
Independent Events
Two events are independent if the occurrence of one does not affect the probability of the other.
Mutually Exclusive Events
Two events are mutually exclusive if they cannot occur at the same time.
Random Variable
A variable whose value results from the measurement of a random event.
Expected Value
The long-term average value of repetitions of the experiment it represents.
Confidence Interval
A range of values that is likely to include the value of an unknown population parameter.
Hypothesis Test
A statistical method that uses sample data to evaluate a hypothesis about a population parameter.
P-Value
The probability of obtaining an effect at least as extreme as the one in your sample data, assuming the null hypothesis is true.
Correlation
A statistical measure that indicates the extent to which two or more variables fluctuate in relation to each other.
Regression Analysis
A statistical process for estimating the relationships among variables.
Z-Score
The number of standard deviations a data point is from the mean.
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