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Definitions:
Population Mean
The average of a set of values or measurements in the entire population.
Standard Deviation
A measure of the amount of variation or dispersion of a set of values, indicating how much the values in a data set differ from the mean.
Sample Observations
Data points collected from a subset of a population for analysis or research.
Probability
The measure of the likelihood that an event will occur, represented as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.
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