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Do Probability Distributions Measure What Did Happen or What Will

question 26

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Do probability distributions measure what did happen or what will probably happen? How do we use probability distributions to make decisions?


Definitions:

Bell Shaped Distribution

A probability distribution that is symmetric and unimodal, with the shape of a bell, often associated with the normal distribution.

Coefficient of Variation

A measure of relative variability that describes the standard deviation as a percentage of the mean.

Standard Deviation

A measure of the dispersion or variability within a set of numerical data, indicating how spread out the numbers are from the average.

Interquartile Range

The difference between the 75th and 25th percentiles of a data set, representing the middle 50% of values.

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