Probability concepts and discussion

Reference no: EM13100046

1. Define probability and explain its three perspectives. Provide an example of each.

2. Explain the concept of mutually exclusive events. How do you compute the probability P(A or B) when A and B are, and are not, mutually exclusive.

3. What is the standard error of the mean? How does it relate to the standard deviation of the population from which a sample is taken?

4. Describe the difference between subjective and probabilistic sampling methods. What are the advantages and disadvantages and disadvantages of each?

5. How does the t-distribution differ from the standard normal distribution?

6. Discuss how confidence intervals can help in making decisions. Provide some examples.

Reference no: EM13100046

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