QNT351 Some statistical terms can be confusing because they have
QNT351
1. Some statistical terms can be confusing because they have one definition for statisticians, and one for non-statisticians.
a. Discuss how the statistical definitions of “probability,” “experiment,” “outcome,” and “event” differ from the way most people use these terms in everyday life.
b. How would most non-statisticians describe the probability of an event happening if the statistical likelihood of it occurring was .75?
2. What are the three ways to assign a probability to an event (p. 171).
a. List the three methods of assigning a probability.
b. Describe each one.
c. Subjective probability: Give your probability that the sun will shine at least once in Week 3? Explain how you determined this probability.
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