Please Define the Following Key Terms

question 15

Short Answer

Please define the following key terms.
-steel-needle compass

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Definitions:

Standard Normal Random Variable

A special case of the normal distribution with a mean of zero and a standard deviation of one.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

z

A standard score representing the number of standard deviations an observation or datum is above or below the mean of what is being observed or measured.

Standard Normal

An ordinary distribution with a 0 mean and a 1 standard deviation.