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Cheat Sheet / Updated 12-21-2023
Statistics make it possible to analyze real-world business problems with actual data so that you can determine if a marketing strategy is really working, how much a company should charge for its products, or any of a million other practical questions. The science of statistics uses regression analysis, hypothesis testing, sampling distributions, and more to ensure accurate data analysis.
Article / Updated 07-10-2023
You can use the Central Limit Theorem to convert a sampling distribution to a standard normal random variable. Based on the Central Limit Theorem, if you draw samples from a population that is greater than or equal to 30, then the sample mean is a normally distributed random variable. To determine probabilities for the sample meanthe standard normal tables requires you to convertto a standard normal random variable.
Article / Updated 05-03-2023
After you estimate the population regression line, you can check whether the regression equation makes sense by using the coefficient of determination, also known as R2 (R squared). This is used as a measure of how well the regression equation actually describes the relationship between the dependent variable (Y) and the independent variable (X).
Your personal roadmap to becoming fluent in financial reports At first glance, the data in financial reports might seem confusing or overwhelming. But, with the right guide at your side, you can learn to translate even the thickest and most complex financial reports into plain English. In Reading Financial Reports For Dummies, you'll move step-by-step through each phase of interpreting and understanding the data in a financial report, learning the key accounting and business fundamentals as you go.
Cheat Sheet / Updated 03-08-2022
When performing the many types of computations found in Finite Math topics, it’s helpful to have some numbers, notations, distributions, and listings right at hand.Pascal's triangleWhen performing computations in problems involving probability and statistics, it’s often helpful to have the binomial coefficients found in Pascal’s triangle.
Cheat Sheet / Updated 02-16-2022
If you're looking at a business with an interest in investing in it, you need to read its financial reports. Of course, when it comes to the annual report, you don't need to read everything, just the key parts.Combining the annual report with some of the financial reports a corporation files with the Securities and Exchange Commission (SEC) can help you figure profitability and liquidity ratios and get a better sense of cash flow.
Article / Updated 06-20-2019
As with many areas and topics in finite mathematics, there is a very special and specific vocabulary that goes along with game theory. Here are some important and useful terms that you should know. Payoff matrix: A matrix whose elements represent all the amounts won or lost by the row player. Payoff: An amount showing as an element in the payoff matrix, which indicates the amount gained or lost by the row player.
Article / Updated 07-30-2018
The classic prisoner’s dilemma is a popular problem in game theory, and so you may encounter it in a finite math course. The prisoner’s dilemma has many other applications, but it is probably best described with the following situation.Two gang members are arrested and put into two separate rooms for questioning.
Article / Updated 07-30-2018
Finite math applies many basic mathematical processes to real-world problems. For example, have you ever been called a “chicken” for not being willing to jump off the diving board or stick your finger in the hot cocoa? You probably didn’t realize that this is a classic in game theory and has been immortalized in the movie Rebel without a Cause.
Article / Updated 07-30-2018
When you encounter a matrix problem in finite math, a nice way to illustrate the transition from one state to another is to use a transition diagram. The different states are represented by circles, and the probability of going from one state to another is shown by using curves with arrows.The transition diagram in the following figure shows how an insurance company classifies its drivers: no accidents, one accident, or two or more accidents.