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What is the meaning of Probability?  The meaning of Probability is quite simple. It is defined as the ratio of favorable outcomes by the total number of possible outcomes, where the event has an ‘n’ number of outcomes. If the number of favorable outcomes is denoted by ‘x,’ then the formula of Probability of an […]

 A frequency polygon is used to compare data sets or display the distribution of data. A line graph is used to represent the quantitative data in a polygon shape. As statistics deals with the collection of data, tables, pie charts, bar graphs, and histograms are also used for pictorial representation of data. A frequency polygon

What is a Pie Chart? A pie chart helps to display data in a circular diagram and can be classified as a graph. It shows how the total amount distinguishes between levels of a categorical variable into radial slices. The pie chart pieces are proportional to the entire fraction in every category. Thus, a portion

Meaning of Ogive The word Ogive is derived from the word used in architecture to depict curve-like shapes. They are the graphs that are used to make estimations on the number that lie below or above a data set. Olive can be calculated by making a cumulative frequency table. After that, these values are plotted

If you’re like most people, statistics give you the creeps. A normal distribution is one of the most important concepts in statistics, and it’s also one of the most dreaded. But don’t worry! In this blog post, we will break down Normal Distribution for dummies. We’ll discuss what Normal Distribution is, how to find a

Introduction:  In statistics, two or more events are said to be mutually exclusive events if they do not happen or occur at the same time. The tossing of a coin, a left-hand turn or a right-hand turn on the road, a number on a dice, even and odd numbers, and victory and defeat in a game are

What is a mode? Mode is the value or number that occurs most frequently in a set of data. The value of mode provides an idea about the data set that appears the most. For example, out of several courses in a college, we can find out the course with the maximum number of registrations.

Introduction A data set marks its importance when it is clear, understandable and precise. Measures of central tendency and dispersion are vital tools to draw a short interpretation of data. Central tendency and dispersion tools can be defined as finding approximate points in a data set capable of representing the whole sample or data.  The

What is Mean?  In mathematics and statistics, the concept of mean is crucial. In a group of numbers, the mean is indeed the average or most common value. It is a statistical method of probability distribution anywhere along the median and mode in statistics. It’s a statistical method with significant financial implications.  The notion is

Mathematical expectations are somewhat of a vague concept. This concept is also known as the law of large numbers. Simply put, this states that a sum of many independent random events will be close to its expected value. In other words, if you were to roll a die over and over again, the average or