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
How to Calculate Mean, Median, Mode & Range

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.

Calculating the Standard Deviation

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.

Probability of Simple, Compound and Complementary Events

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.

Probability of Independent and Dependent Events

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.

Statistical Significance: Definition & Calculation

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.

Expected Value in Probability: Definition & Formula

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.

Normal Distribution & Shifts in the Mean

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.

Identifying & Calculating Averages

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.

Finding Percentiles in a Data Set: Formula & Examples

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.

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.
Not Taken

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Other Chapters

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

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