Ch 35: MTEL Business: Probability & Statistics
About This Chapter
MTEL Business: Probability and Statistics - Chapter Summary
The lessons in this chapter cover everything you need to know about probability and statistics. Recall the fundamentals of averages, standard deviation and probability as you get ready to take the MTEL Business exam. This chapter covers the following topics:
- Calculating mode, range, median and mean
- Standard deviation
- Finding probability of events
- Understanding normal distribution and probability formulas
- Determining statistical significance and identifying averages
- Finding percentiles in a data set
Video lessons make probability and statistics easy to understand, and quizzes help you track your progress and measure your retention of what you've learned. Instructors will provide lively narration throughout each lesson to help you prepare for your exam.
MTEL Business: Probability and Statistics Chapter Objectives
The Massachusetts Tests for Educator Licensure (MTEL) exams are used to assess compliance with teacher licensing regulations; the Business exam measures student knowledge of various business topics. This Probability and Statistics chapter of the study guide covers topics found in the accounting and quantitative analysis portion of the MTEL exam, which constitutes about 16% of the computer-administered test. The lessons in this chapter include business-related probability and statistics subject matter that you'll encounter on the exam. In its entirety, the assessment includes 100 multiple-choice and two open-response questions.
1. Mean, Median, Mode & Range
The four most common measures of central tendency are the mean, median, mode, and range. Understand and calculate the mean, median, mode, and range through the given sample problems.
2. Calculating the Standard Deviation
Standard deviation helps determine if a set of data is normally distributed by measuring how closely the data set surrounds the mean, or average. Learn about standard deviation, including the steps to calculate it. Explore variance, review examples of calculations, and understand what standard deviation means in regard to a data set.
3. Probability of Simple, Compound and Complementary Events
Probability can be calculated for simple, compound, and complementary events. Explore each type of event, understand how each event differs from the other types, and learn how to calculate each type of event's probability by reviewing examples.
4. Probability of Independent and Dependent Events
Probability is a ratio that predicts the likelihood an event will occur. Explore the concept of probability and understand the difference between independent and dependent events. Learn how to calculate the probability of both independent and dependent events, and review examples.
5. Statistical Significance: Definition & Calculation
Statistical significance is a critical measure to determine the validity of hypotheses in research surveys. Explore the definition of statistical significance, understand its importance, and learn how to calculate and use the p-value.
6. Expected Value in Probability: Definition & Formula
An expected value is the average winning percentage that is likely to be established after many rounds of a game of chance. Learn more about the definition and the formula for the expected value in a gambling casino, and explore an example of how to determine the probability in each event or round.
7. Normal Distribution & Shifts in the Mean
Normal distribution on a graph looks like the outline of a bell, which is why it is described as a bell curve. Learn more about normal distribution and the definitions of shifts in the mean and standard deviations and how to identify them on a graph.
8. Identifying & Calculating Averages
An average is a specified value while a weighted average is the average of a group of numbers with repeated numbers. Learn more about identifying and calculating averages and their formulas.
9. Finding Percentiles in a Data Set: Formula & Examples
Percentiles are a measure that compares individual scores of performance against a data set, in ranges of 0-100. Learn the calculation method of this type of ranking through examples of the formula.
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Other Chapters
Other chapters within the MTEL Business (19): Practice & Study Guide course
- About the MTEL Tests
- MTEL Business: Management Basics
- MTEL Business: Management Theories
- MTEL Business: Planning Function of Management
- MTEL Business: Organizing Function of Management
- MTEL Business: Leading Function of Management
- MTEL Business: Leadership Theories
- MTEL Business: Controlling Function of Management
- MTEL Business: Motivation & Management
- MTEL Business: Managing Organizational Change
- MTEL Business: Operational Management
- MTEL Business: Overview of Human Resource Management
- MTEL Business: Job Analysis & Design
- MTEL Business: Hiring & Staffing
- MTEL Business: Employee Training & Assessment
- MTEL Business: Employee Compensation
- MTEL Business: Employment Law & Rights
- MTEL Business: Equal Employment Opportunity
- MTEL Business: Labor Relations
- MTEL Business: Business Communications
- MTEL Business: Overview of the American Legal System
- MTEL Business: Contract Law
- MTEL Business: Property Law
- MTEL Business: Agency Law
- MTEL Business: Creditors' Rights & Bankruptcy
- MTEL Business: Securities & Antitrust Law
- MTEL Business: Product Liability & Consumer Protection
- MTEL Business: Environmental Law
- MTEL Business: Business Law & Ethics
- MTEL Business: Overview of Accounting
- MTEL Business: Accounting Cycle
- MTEL Business: Financial Statements & Ratios
- MTEL Business: Managerial Accounting & Internal Controls
- MTEL Business: Basics of Business Math
- MTEL Business: Depreciation
- MTEL Business: Interest & Purchases
- MTEL Business: Financial Analysis
- MTEL Business: Basic Concepts of Microeconomics
- MTEL Business: Supply & Demand in Microeconomics
- MTEL Business: Aggregate Supply & Demand in Macroeconomics
- MTEL Business: Economic Systems & Theories in Macroeconomics
- MTEL Business: Business Cycle, GDP & Growth in Macroeconomics
- MTEL Business: Unemployment & Inflation in Macroeconomics
- MTEL Business: Fiscal Policy & Monetary Policy in Macroeconomics
- MTEL Business: Trade & International Business in Macroeconomics
- MTEL Business: General Marketing Concepts
- MTEL Business: Consumer Behavior
- MTEL Business: Pricing in Marketing
- MTEL Business: Product Development, Market Research & Segmentation
- MTEL Business: Advertising, Promotion & PR
- MTEL Business: Marketing Channels & Distribution
- MTEL Business: Entrepreneurship
- MTEL Business: Information Technology
- MTEL Business: Career Development
- MTEL Business: Consumer Economics & Personal Finance
- MTEL Business Flashcards