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central limit theorem : the theory that the outcomes of a large collection of naturally, randomly occurring events will result in values near the population mean with some level of dispersion or spread
ZZ's Restaurant surveyed 100 customers about their quality of service, resulting in an average score of 2.5/5 with few 1/5 and 5/5 scores.
outcome : The result value of conducting an experiment.
A coin flip result (H or T),
The number of red balls selected when three are chosen from a bag with four red balls and six green balls.
population : The total number of items in the system being evaluated.
A collection of 10 balls (possibly of different types)
process : A series of trials whose collective statistics are analyzed.
Selecting three balls (with or without replacement) from a bag with four red balls and six green balls.
queuing theory : The study of the interactions between arrivals, service times, and their associated queues/lines in a process.
What is the average customer wait time for a bank with one queue and three tellers?
Does a three queue three teller system reduce customer wait times?
real numbers : The set of all whole numbers and any proportion in between from negative infinity to infinity.
Sub-set A of real numbers ( -99, 98, ..., 100 ) is of whole numbers
Sub-set B of real numbers ( -0.001, 0, 0.001, 0.002, 0.003, ... ) is of proportions
sample : A subset of items selected from the population to be evaluated.
A selection of three balls from a population of 10 balls
6๐ : six sigma : Usually referred to as a process management framework. Statistically it is defined as a quality standard equivalent to 99.99966% or only 3.4 defective parts per million.
Airline operations quality levels exceed 6๐ quality (plane crash rates )
A toy manufacturer, due to the lower risk associated with defects, may not meet the 6๐ quality level.
skewness : The direction in which there is an increased likelihood of occurrence of outcomes. A negative skew would mean that the lower value outcomes (compared to the mean) are more likely.
(please view the Wikipedia page for examples of symmetric and skewed distributions.)
trials : A single experiment resulting in an outcome of a probabilistic event.
1 coin flip
Selecting a ball from a bag with four red balls and six green balls.
References
References
https://en.wikipedia.org/wiki/Central_limit_theorem
https://en.wikipedia.org/wiki/Outcome_(probability)
https://en.wikipedia.org/wiki/Statistical_population
https://en.wikipedia.org/wiki/Bernoulli_process
https://en.wikipedia.org/wiki/Queueing_theory
https://en.wikipedia.org/wiki/Real_number
https://en.wikipedia.org/wiki/Sample_(statistics)
https://en.wikipedia.org/wiki/Six_Sigma
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