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correlation - ANSWER -measure of linear association, not
necessarily causation
bounds:
1. coefficient can be -1 to +1
2. values near -1 have strong NEGATIVE linear relationship
3. values near 1 have strong POSITIVE linear relationship
4. close to 0 means a WEAKER relationship
EXCEL covariance - ANSWER -1. data
analysis tool
2.
=covariance.s()
EXCEL correlation - ANSWER -1. data
analysis tool
2.
=correl()
, probability - ANSWER -numerical measure of the likelihood
that an event will
occur
0-1
sample space - ANSWER -set of all experimental outcomes
combinations - ANSWER -n
choose k
n! / k! (n-
k)!
combination example - ANSWER -4 openings
11 people qualify
11! / 4! (11-
4)!
=330
combination EXCEL - ANSWER -=combin(n,k) (# being
chosen from, end
choices)
classical probability - ANSWER -based on assumption of
equally likely
outcomes
ex: roulette table