The gambler's fallacy is the mistaken belief that past random events influence future ones. This cognitive bias often leads to…
Conditional probability measures the likelihood of an event happening, given that another event has already occurred. It's fundamental in statistics…
Bias is a systematic deviation from neutrality, objectivity, or fairness. It arises from tendencies or inclinations, significantly impacting statistical analysis,…
The arithmetic mean, commonly known as the average, is a fundamental statistical measure. It's calculated by summing all numbers in…
Regression analysis is a statistical method used to model the relationship between a dependent variable and one or more independent…
A weighted average assigns different levels of importance to data points. It's calculated by multiplying each value by its weight,…
The Retail Prices Index (RPI) is a measure of inflation that tracks changes in the cost of a representative basket…
The Producer Price Index (PPI) measures the average change over time in selling prices received by domestic producers for their…
The Office for National Statistics (ONS) is the UK's largest independent producer of official statistics and the sole national statistical…
Nominal values represent categories or labels without inherent numerical order. They are used for identification and classification, distinguishing items rather…