Quantitative Essentials Flashcards
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Terms in this set
- Mean The arithmetic average of a set of numerical observations.
- Median The middle value when observations are arranged in order; robust to outliers and skew.
- Variance The expected squared deviation of a random variable from its mean — a fundamental measure of dispersion.
- Skewness A measure of asymmetry in a distribution; positive skew has a long right tail, negative skew a long left tail.
- Kurtosis A measure of tail heaviness; leptokurtic distributions have fatter tails (more extreme observations) than the normal distribution.
- Correlation A standardized measure of linear association between two variables, bounded by −1 and +1.
- Regression A statistical technique for estimating the relationship between a dependent variable and one or more independent variables.
- Sampling The process of selecting a subset of observations from a population for analysis.
- Quantile A value that divides a distribution into equal-sized groups — quartiles, deciles, and percentiles are the common cases.
- Probability A numerical measure of the likelihood that an event will occur, bounded between 0 and 1.