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What Are Outliers?01:12

What Are Outliers?

Outliers are observed data points that are far from the least squares line. They have unusual values and need to be examined carefully. Though an outlier may result from erroneous data, at other times, it may hold valuable information about the population under study and should be included in the data. Hence, it is crucial to examine what causes a data point to be an outlier.
The z score is used to find outliers or unusual values. It should be noted that any values beyond -2 and +2 are...
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Hindsight Biases01:12

Hindsight Biases

Hindsight bias leads you to believe that the event you just experienced was predictable, even though it really wasn’t. In other words, you knew all along that things would turn out the way they did. Can you relate this to the phrase "Hindsight is 20/20" now? 
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Spontaneity02:21

Spontaneity

A spontaneous process is one that occurs naturally under certain conditions. A nonspontaneous process, on the other hand, will not take place unless it is “driven” by the continual input of energy from an external source. Processes have a natural tendency to occur in one direction under a given set of conditions. Water will naturally flow downhill (spontaneous process), but uphill flow (nonspontaneous process) requires outside intervention such as the use of a pump. Iron exposed to...
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Unusual Results01:16

Unusual Results

Unusual results are those that have a very low chance of occurring. Unusual results can be identified using probabilities and the range rule of thumb. In problems involving probability, unusual results can be observed in 2 instances – an unusually high number of successes or an unusually low number of successes.
According to the range rule of thumb, any value above or below two standard deviations, 2σ  from the mean, μ  is considered unusual.
Maximum unusual value =...
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