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Definition of Statistics

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 Definition of Statistics

 Statistics is like a magician of numbers, transforming raw data into valuable information. It's the science of collecting, analyzing, interpreting, and presenting data, akin to an astronomer unraveling the mysteries of the universe.

Examples of Statistics

 Statistics show us which movies are popular among the masses or which medical treatments are more effective. It plays a role similar to a barista finding out the most popular menu item in a café.

Lessons from Statistics

 Statistics provides us with an objective view of the world. It reveals that every story has two sides, much like a magician showing two different tricks.

Conclusion on Statistics

 Statistics is a powerful tool for understanding reality. It helps us comprehend the world better and make wiser decisions. In the world of data and numbers, statistics is our compass and map.

 


 

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What is Pseudocertainty effect?

  Definition of Pseudocertainty effect The pseudocertainty effect refers to the phenomenon of mistaking the uncertain for the certain. Because it is false certainty, it is also called the quasi-certainty effect or the false certainty effect. Features of the Pseudocertainty effect     The Pseudocertainty effect creates a tendency to ignore probabilities.     The Pseudocertainty effect makes it impossible to make rational judgments about probabilities.     The Pseudocertainty effect leads to hasty decisions. Examples of Pseudocertainty effects   The Pseudocertainty effect is easily seen in advertising or marketing. Most of the events that are written as 100% winning like the above phrase require additional conditions. Alternatively, the quality or price of the product itself may be different. For example,   As such, the smartphone or smartwatch that many people want is given to only a small fraction of the lottery, and 100 points are given to all participants, giving the phrase 100% winn

What is a base rate neglect?

   Definition of base rate neglect Ignoring the base rate refers to a cognitive bias that ignores probabilities and makes judgments contrary to statistics. Ignoring the base rate is also called the base rate error. Characteristics of base rate neglect   Base rate neglect results in ignoring statistics and making judgments based on impressive subjective experience.   Base rate neglect makes you judge based on your own stereotypes. Base rate neglect is also related to the representativeness heuristic. Information that comes to mind is given priority over statistics. Example of base rate neglect There are people who read the financial newspaper every day and look at the stock market every day. What kind of job is this person likely to have? 1. This person is most likely a Wall Street brokerage analyst. 2. This person is most likely a student. The answer is number two. Because of their descriptions of economic newspapers and the stock market, you are likely to think of them as securities a

What is a conjunction fallacy?

   What is a conjunction fallacy?  Conjunction fallacy refers to a cognitive bias caused by incorrectly calculating probabilities. It is a judgment based on subjective probability rather than objective probability. Conjunction fallacies are also called federation fallacy, connection fallacy. Characteristics of conjunction fallacy     Intuitive judgment is possible due to conjunction fallacy. (However, it is most likely not accurate.)    Conjunction fallacies lead to errors in probability calculations because intuitive thinking instead of rational thinking.    Because of the conjunction fallacy, we mistakenly think that (probability of event) x (probability of event) is greater than (probability of event).   Examples of conjunction fallacies   Due to the conjunction fallacy, you can make irrational judgments in real life as shown below. While waiting for the roller-coasters, the person next to you is playing a mobile game happily. Which of the following is that person is most likely to