Data Analytics for B

Question 1

joint probability

Answer 1

a probability that calculates the likelihood of two events occurring together and at the same point in time

Question 2

marginal probability

Answer 2

a probability that measures the chance of an occurrence ignoring any knowledge gained from previous or external events

Question 3

mutually exclusive

Answer 3

a term describing two or more events that cannot happen simultaneously

Question 4

collectively exhaustive

Answer 4

a term describing that the set of events is inclusive of all possible options

Question 5

Formula for joint probability from conditional & marginal probability

Answer 5

P (A∩B) = P(A) P(B|A)
P (A∩B) = P(B) P(A|B)

Question 6

a term describing events if the occurrence of one event does not affect the chances of the occurrence of the other event

Answer 6

statistically independent

Question 7

Formula for statistical independence

Answer 7

P (A∩B) = P(A) P(B)

Question 8

Formula for Addition rule of probabilities

Answer 8

P(A∪B) = P(A) + P(B) – P(A∩B)

Question 9

Formula for union of independent events

Answer 9

P(A∪B) = P(A) + P(B) – P(A) P(B)

Question 10

t-stat

Answer 10

used to decide whether to support/reject a null hypothesis. the greater the T, the greater the evidence that your data is significant

Question 11

cumulative probability function

Answer 11

the sum of the probability less than or equal to a variable x

Question 12

probability distribution function

Answer 12

a mathematical function that describes the probability of different possible values of a variable, that can be expressed in a table

Question 13

expected value

Answer 13

the generalization of the weighted average