Confidence Interval
A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter.
14 topics found for
“statistical assessment”
Monte Carlo Simulation
A statistical technique that uses random sampling and statistical modeling to estimate mathematical functions and simulate systems.
Base Rate Fallacy
A cognitive bias where people ignore general statistical information in favor of specific information.
Three-Sigma Rule
A statistical rule stating that nearly all values in a normal distribution (99.7%) lie within three standard deviations (sigma) of the mean.
Cross Validation
A statistical method used to assess the generalizability of a model to unseen data, involving partitioning a dataset into subsets for training and validation.
Empirical Rule
Also known as the 68-95-99.7 Rule, it states that for a normal distribution, nearly all data will fall within three standard deviations of the mean.
Survivorship Bias
A cognitive bias that occurs when conclusions are drawn from a non-representative sample, focusing only on successful cases and ignoring failures.
Extension Neglect
A cognitive bias where people ignore the relevance of sample size in making judgments, often leading to erroneous conclusions.
Standard Deviation
A statistical measure that quantifies the amount of variation or dispersion of a set of data values.