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Poisson distribution
Poisson distribution focuses on the number of events occurring in a specific interval (time, space, etc.) One parameter (λ) represents the average rate of events occurring within the interval, it will be the expected value…
Binomial distribution
Probability distribution that describes the likelihood of getting a certain number of successes in a fixed number of independent trials, each with only two possible outcomes: success and failure We calculate the probability of getting…
Central limit theorem
Central limit theorem describes the behavior of the sampling distribution of the mean of a random variable, It allows to make inferences about populations based on samples, distributions of sample means approaches normal distributions, even…
Law of large numbers in probability
Suppose, we are calculating sample mean, as the number of samples increases the output accuracy increases, this theory says that as the samples/iterations/trials approach infinity we get most accurate output Applications of law of large…
Expected value in probability theory
Expected value helps us find average value we can expect from an random event Formula: E = Σ(x * P(x)) Example: I roll a fair six-sided dice. What’s the expected value from the dice? There…
Bayes’ theorem
Bayes’ theorem is a powerful tool in probability that deals with conditional probabilities It helps to calculate the probability of an event (A) happening given that we already know another event (B) has occurred Formula:…
Probability rule of addition and multiplication
We have seen probablity, now lets learn addition and multiplication rule Addition rule: This rule applies when we are dealing with mutually exclusive events (two or more events that cannot happen simultaneously), i.e., independent events…
What is probability?
Probability tells how likely an event is going to happen How to write or represent probability? P(event) = percentage Eg: fair coin for events, P(Head) = 0.5 = P(Tail) Note: Sum of all events is…
What is z Score?
Why Z Score? We have already Empirical rule of normal distribution, that gives approximate percentile, but z score gives more accurate percentile What is z Score? A z Score (standard score / normalized score) this…
Empirical rule of normal distribution
The empirical rule, also known as the 68-95-99.7 rule, this is a statistical principle that applies to normal distributions The empirical rule states that in a normal distribution: Note: Standard deviation (σ or SD): This…
Histogram & Frequency distributions
Histogram & Frequency distributions: A histogram is a bar chart that represents the distribution of data. This groups data into ranges (bins) and shows the frequency (count) of each data points that fall within each…
Marketing
Marketing: Activities of an organization which is carried in order to escalate process of selling its products and services Description Marketing comprises the events/activities which are performed by companies in order to provide value (sometimes…
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