Unconditional probability reflects the probability that some event will occur without taking into account any other possible influences or previous results.
For example, the probability that a correct coin toss will land on heads has an unconditional probability of 50%, regardless of how many coin tosses have preceded it, and also whether any other event has occurred.
Unconditional probability is also known as marginal probability.
The chi-square statistic (χ2) is a measure of the difference between the observed and expected frequencies of the outcomes of a set of events or variables.
Non-linearity is a mathematical term that describes a situation where the relationship between the independent variable and the dependent variable cannot be predicted along a straight line.
The Poisson distribution, named after the French mathematician Siméon Denis Poisson, can be used to estimate how many times an event can occur within “X” time periods.
The posterior probability in Bayesian statistics is the revised or updated probability of an event occurring after new information has been taken into account.
The 90/10 retirement investment strategy involves investing 90% of investment capital in low-cost S&P 500 index funds, and the remaining 10% in short-term government bonds.
The chief operating officer (COO) is the senior officer tasked with overseeing the day-to-day administrative and operational functions of the business.