Ch 34: MTEL Business: Probability & Statistics

About This Chapter

Prepare for the MTEL Business exam with this chapter that explores the applications of probability and statistics in the field of business. Use these video lessons and quizzes to learn all you need to know in order to be successful on exam day.

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.

9 Lessons in Chapter 34: MTEL Business: Probability & Statistics
Test your knowledge with a 30-question chapter practice test
Mean, Median, Mode & Range

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.

Calculating the Standard Deviation

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.

Probability of Simple, Compound and Complementary Events

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.

Probability of Independent and Dependent Events

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.

Statistical Significance: Definition & Calculation

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.

Expected Value in Probability: Definition & Formula

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.

Normal Distribution & Shifts in the Mean

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.

Identifying & Calculating Averages

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.

Finding Percentiles in a Data Set: Formula & Examples

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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Other Chapters

Other chapters within the MTEL Business (19): Practice & Study Guide course