When Establishing a Probability Distribution Based on Historical Outcomes, the Relative

question 7

True/False

When establishing a probability distribution based on historical outcomes, the relative frequency for each possible outcome of a variable is found by dividing the frequency of each outcome by the total number of observations.

---

Definitions:

CarMax

A used car retailer based in the United States, known for its large inventory and no-haggle pricing model, aiming to simplify the car buying and selling process.

Verizon

An American multinational telecommunications company known for its wireless services and products.

Frequency

Frequency refers to the number of times an event occurs within a specified period, often used in the context of advertising to indicate how often an ad is displayed or broadcasted.

CPM

Cost Per Thousand Impressions, a marketing metric that denotes the expense of an advertising campaign per one thousand views or impressions.