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kristymassi
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i need this information..please someone help me!
What useful tool allows us to refine?
What useful tool allows us to refine?
Last edited:
kristymassi said:i need this information..please someone help me!
What useful tool allows us to refine our previous estimate of the probability of an event given new observations?
1-bayes Theorem
2-The Central Limit Theorem
3-The x-bar chart
4-The Normal Distribution
i think normal distribution but i am not sure!
An estimate of the probability is a prediction or calculation of the likelihood that a certain event or outcome will occur. It is an approximation based on available data and assumptions.
The probability is estimated using mathematical and statistical methods, such as probability theory, regression analysis, and Bayesian inference. These methods involve analyzing data, making assumptions, and using mathematical models to calculate the likelihood of a specific outcome.
Estimating the probability is important because it allows us to make informed decisions and predictions based on the likelihood of certain events or outcomes. It is used in various fields, including science, finance, and risk management, to assess the potential outcomes of different scenarios.
The accuracy of the probability estimate can be affected by various factors, such as the quality and quantity of data used, the assumptions made, and the complexity of the mathematical models used. It is important to carefully consider these factors when estimating the probability to ensure a more accurate result.
Yes, the probability estimate can change over time as new data becomes available or as the underlying factors affecting the probability change. It is important to regularly update and reassess the probability estimate to ensure it remains accurate and relevant.