Table of contents

1. Introduction to Statistics53m
2. Describing Data with Tables and Graphs2h 1m
3. Describing Data Numerically1h 48m
4. Probability2h 26m
5. Binomial Distribution & Discrete Random Variables2h 55m
6. Normal Distribution & Continuous Random Variables1h 48m
7. Sampling Distributions & Confidence Intervals: Mean2h 8m
8. Sampling Distributions & Confidence Intervals: Proportion1h 20m
- Sampling Distribution of Sample Proportion
  35m
- Confidence Intervals for Population Proportion
  45m
9. Hypothesis Testing for One Sample2h 23m
10. Hypothesis Testing for Two Samples3h 25m
11. Correlation1h 6m
12. Regression1h 4m
13. Chi-Square Tests & Goodness of Fit1h 30m
14. ANOVA1h 4m

4. Probability

Basic Concepts of Probability

Statistics for Business

4. Probability

Basic Concepts of Probability

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Multiple Choice

In the context of probability, an effective guiding policy is supported by and stays consistent through the use of which of the following?

Descriptive statistics

Regression analysis

Random sampling

Axioms of probability

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Verified step by step guidance

Understand the context of the question: The problem is asking about the foundational principles that support and ensure consistency in probability-related policies.

Recall the definition of axioms of probability: These are the fundamental rules or principles that form the basis of probability theory, such as the probability of an event being between 0 and 1, the total probability of all possible outcomes equaling 1, and the additive rule for mutually exclusive events.

Compare the given options: Descriptive statistics summarize data, regression analysis models relationships between variables, and random sampling is a method for selecting a subset of a population. None of these directly establish the foundational rules of probability.

Recognize that the axioms of probability are the correct answer: They provide the theoretical framework that ensures consistency and validity in probability calculations and policies.

Conclude that understanding the axioms of probability is essential for any probability-related analysis or decision-making process in business statistics.