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Geometric Mean vs Arithmetic Mean In mathematics and statistic, mean is used to represent data meaningfully. In addition to these two fields, mean is used very often in many other fields too, such as economy. Both arithmetic mean and geometric mean are very often referred as average, and are methods to derive central tendency of a […]
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Mutually Exclusive vs Independent Events People often confuse the concept of mutually exclusive events with independent events. In fact, these are two different things. Let A and B be any two events associated with a random experiment E. P(A) is called the “Probability of A”. Similarly, we can define probability of B as P(B), probability […]