Collegestatistics & probability

We found 5 articles

Understanding the central limit theorem
The central limit theorem (CLT for short) is an enormously powerful tool that makes much of what we do in statistics possible. But if you just read the actual definition, which you can find below, it’s pretty hard to understand why this theorem is so important. This blog post will help you understand both what the CLT is and why it is important ...
Calculating flood risk using probability and statistics
If at some point you ever want to buy property near water, a variation of this question will undoubtedly pass through your head: what are the chances that my {insert name of your expensive piece of property close to water} floods?
Understanding a confusion matrix
One of the major tasks in machine learning and statistical testing is classification. In classification problems, we use a training set of labeled data to train our model to classify an unlabeled observation into one category or another. At the simplest level, this method uses observable data to make a related yes-or-no classification (like: will ...
How to use probability trees to evaluate conditional probability
  If you’re majoring in economics, you will likely also need to take a statistics course.  One of the trickiest concepts is dealing with conditional probabilities.  In most classes, they teach you a fairly complicated equation known as Bayes’ Theorem. While this isn’t a hard formula to plug values into, it doesn’t give an intuitive understanding ...
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