Statistics Allison Toth Olivia Stephens Hayley Hunt

Expected Value If you hold 1 of 100 tickets for a prize worth $700, what is the value of the ticket? The probability of winning $700 is and the probability of winning $0 is If the lottery were repeated many times, 1% of the time you would win $700 and 99% of the time you would win nothing. In the long run your average gain would be 0.01(700) +.99(0) = $7.00 This is expected value of the experiment. 2

Measures of Central Tendency A fancy way of saying “average” Common kinds of averages – Mean – Median – Mode 3

Normal Distribution Normally distributed data clusters about the mean – Mean, median and mode are equal Normal Curve 4

Measures of Variability Two types: – Range – Standard Deviation The average distance of a data point from the mean 5