1. “What is the life expectancy for Caucasian males that have survived 54 years?” The answer will almost certainly be larger than 72. I want an estimate “conditioned on” the fact that I have already lived 54 years. Life is dynamic. Things are constantly changing. However, too often decisions are based on static information. Bayes theorem takes advantage of dynamic information to give a better, more correct answer. Bayes Theorem is a mathematical representation that helps one to calculate conditional probability. It relates inverse representation of the probabilities concerning two events. This theorem is named after the British Mathematician Thomas Bayes. It is represented by

P(A, B)= P(A B) P(B) or P (A, B)=P(B A)P(A)
So
P(A|B)P(B) = P(B|A)P(A)
The Law of Total Probability:
P(B) = P(B/A).P(A) + P(B/A′) . P(A′)
Total probability and multiplication rule:
P(A/B) = P(B/A).P(A) (multiplication rule) P(B/A).P(A) + P(B/A′) . P(A′)(Law of Total Prob.) Where:
P(A): probability of occurrence of event A (marginal)
P(B): probability of occurrence of event B (marginal)
P(A′) = probability that A does not occur
P(B/A′) = probability that event B occurs given that A has not occurred already. P(A,B): Probability of simultaneous occurrence of events A and B (joint) P(A|B): Probability of occurrence of A given that B has occurred (conditional) P(B|A): Probability of occurrence of B given that A has occurred (conditional).

2. A continuous random variable is a random variable where the data can take infinitely many values. For example, a random variable measuring the time taken for something to be done is continuous since there are an infinite number of possible times that can be taken.

For any continuous random variable with probability density function f(x), we have that:

...MM207 Statistics
Unit IV Mid Term Project
1. In the following situation identify the implied population.
A recent report on the weekly news presented the findings of a study on the effectiveness of Onglyza, along with diet and exercise, for treating diabetes.
According to Bennett (2009), a population is defined as “the complete set of people or things being studied” in a statistical study. Given that the information is in relation to finding the success of a...

...STATISTICS - Lab #6
Statistical Concepts:
Data Simulation
Discrete Probability Distribution
Confidence Intervals
Calculations for a set of variables
Open the class survey results that were entered into the MINITAB worksheet.
We want to calculate the mean for the 10 rolls of the die for each student in the class. Label the column next to die10 in the Worksheet with the word mean. Pull up Calc > Row Statistics and select the radio-button...

...INTRODUCTION TO BUSINESS STATISTICS – Complete Class Includes All DQs, Individual and Team Assignments – UOP Latest
Purchase this tutorial here: https://www.homework.services/shop/qnt-273-introduction-to-business-statistics-complete-class-includes-all-dqs-individual-and-team-assignments-uop-latest/
QNT 273
Introduction to Business Statistics
Week 1:
Individual Assignment: Introduction to Statistics Paper
Write a 350- to 700-word...

...Statistics is the study of the collection, organization, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments.
Descriptive statistics is the discipline of quantitatively describing the main features of a collection of information, or the quantitative description itself. Descriptive statistics are distinguished...

...
What is Bootstrapping (In Statistics)?
Bootstrapping is an interesting process or technique of assigning measure of accuracy. Depended upon calculation, Bootstrapping can be used to any statistic to measure estimation.
Definition
According to the Cambridge dictionary of statistics – “A conﬁdence interval is a range of values, calculated from the sample observations that are believed, with a particular probability, to contain the true parameter...

...2/8 (Friday)
Standard Deviation cont’d
Example: Amount of money earned by new immigrants
Sample: 12, 15, 16, 20, 25, 36, 40
Step 1: Find the mean
* x̄=164/7
* mean is 23.4
Step 2: Find how much each observation deviates from the mean
* 12 - 23.4 = -11.4
* 15 – 23.4 = -8.4
* 16 – 23.4 = -7.4
* 20 – 23.4 = -3.4
* 25 – 23.4 = 1.6
* 36 – 23.4 = 12.6
* 40 – 23.4 = 16.6
* Note: all observations below mean will be negative, all above will be positive...

...averages last year is an example of what type of statistics? Determining the averages they can expect next year is an example of what type of statistics?
A. They are both examples of inferential statistics because averages are inferred in both instances.
B. Inferential statistics; descriptive statistics.
C. They are both examples of descriptive statistics because they deal with analyzing data.
D....