Basics of ML & AL Week 2 Challenge
- Calculate all 4 business moments using pen and paper for the below data set?
- First Moment: Mean = 1.4
- Second Moment: Variance = 1.84
- Third Moment : Skewness = 0.5727
- Fourth Moment: Kurtosis = 2.04
- What is the significance of expected value when simple mean?
- Expected value gives weighted average unlike mean which gives simple average. When the probabilities of each event is equal then both vales are same.
- Having skewness in the curve considered to be bad in the analysis?
- Skewness indicates the asymetric in the distribution. If the data curve is shifted to the left or right then there is skewness. It also indicates the direction of the outliers. It is not bad to have the skewness.
- Evaluate the probabilities for continuous normal distribution with given mean = 680 and standard deviation = 31
- P(X<711) : 0.84
- P(X>740) : 0.02
- Question incomplete
- P(X=720) = 0
- Mean value of zero. Symmetric. Not skewed.