Section 4
Further Considerations for Data
By Boundless
![Thumbnail](../../../../../../figures.boundless-cdn.com/17787/raw/omparison-mean-median-mode.jpg)
The sample average/mean can be calculated taking the sum of every piece of data and dividing that sum by the total number of data points.
![Thumbnail](../../../../../../figures.boundless-cdn.com/17949/raw/arison-standard-deviations.jpg)
Although they are often used interchangeably, the standard deviation and the standard error are slightly different.
![Thumbnail](../../../../../../figures.boundless-cdn.com/17990/raw/standard-deviation-diagram.jpg)
The standard error of the mean is the standard deviation of the sample mean's estimate of a population mean.
![Thumbnail](../../../../../../figures.boundless-cdn.com/17991/raw/circuniformdistofmean.jpg)
A stochastic model is used to estimate probability distributions of potential outcomes by allowing for random variation in one or more inputs over time.
The normal (Gaussian) distribution is a commonly used distribution that can be used to display the data in many real life scenarios.
![Thumbnail](../../../../../../figures.boundless-cdn.com/17995/raw/student-t-pdf.jpg)
Student's t-test is used in order to compare two independent sample means.
![Thumbnail](../../../../../../figures.boundless-cdn.com/18467/raw/odds-ratio-map.jpg)
The odds of an outcome is the ratio of the expected number of times the event will occur to the expected number of times the event will not occur.
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