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. How to Calculate Mean, Median, Mode & Range
Measures of central tendency can provide valuable information about a set of data. In this lesson, explore how to calculate the mean, median, mode and range of any given data set.
2. Calculating the Standard Deviation
In this lesson, we will examine the meaning and process of calculating the standard deviation of a data set. Standard deviation can help to determine if the data set is a normal distribution.
3. Probability of Simple, Compound and Complementary Events
Simple, compound, and complementary events are different types of probabilities. Each of these probabilities are calculated in a slightly different fashion. In this lesson, we will look at some real world examples of these different forms of probability.
4. Probability of Independent and Dependent Events
Sometimes probabilities need to be calculated when more than one event occurs. These types of compound events are called independent and dependent events. Through this lesson, we will look at some real-world examples of how to calculate these probabilities.
5. Statistical Significance: Definition & Calculation
Watch this video lesson to learn about statistical significance, and how it relates to surveys and other real world events. Also, learn how it is calculated, and how you can describe it to others.
6. Expected Value in Probability: Definition & Formula
After watching this video lesson, you will understand what expected value means. You will learn how to use this value to decide whether a certain action is worth taking or not.
7. Normal Distribution & Shifts in the Mean
In this video lesson, you will see what a normal distribution looks like and you will learn about the mean of a normal distribution. You will also see what happens when the mean is shifted.
8. Identifying & Calculating Averages
After watching this video lesson, you will be able to calculate any kind of average, even the average of certain events when some events repeat. Learn the general formula to use to calculate any average.
9. Finding Percentiles in a Data Set: Formula & Examples
Percentiles are often used in academics to compare student scores. Finding percentiles in a data set can be a useful way to organize and compare numbers in a data set.
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Other chapters within the MTEL Business (19): Practice & Study Guide course
- 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