Episode 28 11/10/2022

Basic concepts of statistics (part 2) https://en.wikipedia.org/wiki/Statistics

#pattern P-A-T-T-E-R-N

An example for others to follow.

1. When two variables are strongly correlated, you can see a clear pattern on their scatter plot.
2. When you see an animal repeating the same action pattern without good reasons, it may be a sign that the animal is stressed out.

#probability P-R-O-B-A-B-I-L-I-T-Y

The extent to which something is probable; the likelihood of something happening or being the case.

1. The probability of hitting a bull’s eye decreases as you move away from the target.
2. Though the probability of winning a lottery jackpot is so low that statistically it’s not worth the cost, many still buy and wish to be the lucky one.

#estimate E-S-T-I-M-A-T-E

Roughly calculate or judge the value, number, quantity, or extent of something.

1. Our estimates of a population’s characteristics are based on samples.
2. We tend to underestimate the time it takes to accomplish a complex task.

#predict P-R-E-D-I-C-T

Say or estimate that a specified thing will happen in the future or will be a consequence of something.

1. Individual behavior is hard to predict but behavior of a large group can be quite predictable.
2. He claims to be able to predict the market. Why hasn't he become a billionaire yet?

#error E-R-R-O-R

A mistake; a difference or discrepancy between measurement and reality.

1. The effects of sampling error can be minimized by increasing the sample size.
2. Error in DNA replication is one of the sources of mutation.