Suppose you decide to build a model to explain why some companies earned more profits in the past year than others did.
Definitions:
Chebyshev's Theorem
A statistical theorem that gives an inequality for assessing the probability that a random variable differs from its mean.
Empirical Rules
A statistical rule stating that for a normal distribution, nearly all data will fall within three standard deviations of the mean.
Interquartile Range
A measure of variability, calculated as the difference between the third (75th percentile) and first quartile (25th percentile), that indicates the middle 50% of the data.
Midrange
The statistical measure calculated as the mean of the highest and lowest values in a data set, providing a simple estimation of the data’s central tendency.
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