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Measures of Dispersion Explained

How normal is your data? I mean, does your sample seem to represent the population well? Does your data have a regular pattern? Is your data precise or vague? In statistics, we answer these questions using measures of central tendency and measures of dispersion. There are three big measures that help determine if your data […]

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Understanding Variance Analysis

In statistics, you often want to compare several groups to each other to see if there are differences. These comparisons often use variance analysis. Statistical comparisons can often involve numerous groups and variables, but luckily there are several test designed specifically for analyzing the variance between these groups. Variance Analysis Basics In its most basic […]

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What is the Law of Probability?

I like to play gin rummy, so I am always thinking about the probability of getting specific cards. Probability is a fantastic thing for prediction but it can be a little messy to figure those predictions too. Fortunately, there are a few basic principles (or laws) that help figure those probabilities out. Let’s investigate some […]

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What is Random Walk Theory?

A random walk describes the movement of an object along some mathematical space, or the different values generated by a random variable. Random walks have applications in Finance, Economics, Chemistry, Physics, and more. In this article, we’ll introduce the idea of random walks and Random Walk Theory.

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Markov Chains

A Markov chain is a memoryless stochastic process, meaning that future states of the system depend only upon the current state. In this article, we introduce the concept of a Markov chain and examine a few real-world applications.

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