If you bet on sporting events, you must be able to read odds and understand what they mean. Furthermore, you need to quickly calculate the potential winnings for different bets, especially if the odds are changing while the event unfolds. Odds tell you the likelihood that an event will occur (a team wins, a boxer makes it a certain round) and how much will be paid out if you win. There
Pie charts, also called circle charts, are composed of a circle divided into different wedges or sections. You can draw a pie chart using programs like Adobe Illustrator or Microsoft Excel. However, it is also easy to hand draw a pie chart if you have a compass, protractor, and markers or colored pencils.
Precision means that a measurement using a particular tool or implement produces similar results every single time it is used. For example, if you step on a scale five times in a row, a precise scale would give you the same weight each time. In math and science, calculating precision is essential to determine if your tools and measurements work well enough to get good data. You can
P value is a statistical measure that helps scientists determine whether or not their hypotheses are correct. P values are used to determine whether the results of their experiment are within the normal range of values for the events being observed. Usually, if the P value of a data set is below a certain pre-determined amount (like, for instance, 0.05), scientists will reject the "null
In statistics, an outlier is a data point that significantly differs from the other data points in a sample. Often, outliers in a data set can alert statisticians to experimental abnormalities or errors in the measurements taken, which may cause them to omit the outliers from the data set. If they do omit outliers from their data set, significant changes in the conclusions drawn from
A box and whisker plot is a diagram that shows the statistical distribution of a set of data. This makes it easy to see how data is distributed along a number line, and it’s easy to make one yourself!
Microsoft Excel includes a number of statistical functions, including the ability to figure the mean, median and mode of a data sample. While mean, the average of a group of numbers, and median, the midpoint number of a data group, are used more often, mode, the most frequently appearing number in a data group, can be useful as well, such as using the most frequent numeric grade score
Comparing two proportions is often necessary to see if they are significantly different from each other. For example, suppose you do a randomized control study on 40 people, half assigned to a treatment and other half assigned to a placebo. 18/20 from the experiment group got better, while 15/20 from the control group also got better. Are these two proportions significantly different
Covariance is a statistical calculation that helps you understand how two sets of data are related to each other. For example, suppose anthropologists are studying the heights and weights of a population of people in some culture. For each person in the study, the height and weight can be represented by an (x,y) data pair. These values can be used with a standard formula to calculate
A Z score allows you to take any given sample within a set of data and to determine how many standard deviations above or below the mean it is. . To find the Z score of a sample, you'll need to find the mean, variance and standard deviation of the sample. To calculate the z-score, you will find the difference between a value in the sample and the mean, and divide it by the standard
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