What is Covariance?
Covariance in statistics measures the extent to which two variables vary linearly. It reveals whether two variables move in the same or opposite directions. [Read more…] about Covariance: Definition, Formula & Example
Basics
Framing Effect: Definition & Examples
What is the Framing Effect?
The framing effect is a cognitive bias that distorts our decisions and judgments based on how information is presented or ‘framed.’ This effect isn’t about lying or twisting the truth. It’s about the same cold, hard facts making us think and act differently just by changing their packaging. [Read more…] about Framing Effect: Definition & Examples
Trimmed Mean: Definition, Calculating & Benefits
What is a Trimmed Mean?
The trimmed mean is a statistical measure that calculates a dataset’s average after removing a certain percentage of extreme values from both ends of the distribution. By excluding outliers, this statistic can provide a more accurate representation of a dataset’s typical or central values. Usually, you’ll trim a percentage of values, such as 10% or 20%. [Read more…] about Trimmed Mean: Definition, Calculating & Benefits
Range Rule of Thumb: Overview and Formula
What is the Range Rule of Thumb?
The range rule of thumb allows you to estimate the standard deviation of a dataset quickly. This process is not as accurate as the actual calculation for the standard deviation, but it’s so simple you can do it in your head. [Read more…] about Range Rule of Thumb: Overview and Formula
Gambler’s Fallacy: Overview & Examples
What is the Gambler’s Fallacy?
The gambler’s fallacy is a cognitive bias that occurs when people incorrectly believe that previous outcomes influence the likelihood of a random event happening. The fallacy assumes that random events are “due” to balance out over time. It’s also known as the “Monte Carlo Fallacy,” named after a casino in Monaco where it was famously observed in 1913. [Read more…] about Gambler’s Fallacy: Overview & Examples
Unimodal Distribution Definition & Examples
What is a Unimodal Distribution?
A unimodal distribution in statistics refers to a frequency distribution that has only one peak. Unimodality means that a single value in the distribution occurs more frequently than any other value. The peak represents the most common value, also known as the mode. [Read more…] about Unimodal Distribution Definition & Examples
Representativeness Heuristic: Definition & Examples
What is the Representativeness Heuristic?
The representativeness heuristic is a cognitive bias that occurs while assessing the likelihood of an event by comparing its similarity to an existing mental prototype. Essentially, this bias involves comparing whatever we’re evaluating to a situation, prototype, or stereotype that we already have in mind. Our brains frequently weigh this comparison much more heavily than other relevant factors. This shortcut can be helpful in some cases, but it can also lead to errors in judgment and distorted thinking. [Read more…] about Representativeness Heuristic: Definition & Examples
Ecological Validity: Definition & Why It Matters
What is Ecological Validity?
Ecological validity refers to how accurately researchers can generalize a study’s findings to real-world situations. Simply put, it measures how closely an experiment reflects the behaviors and experiences of individuals in their natural environment. [Read more…] about Ecological Validity: Definition & Why It Matters
Lurking Variable: Definition & Examples
What is a Lurking Variable?
A lurking variable is a variable that researchers do not include in a statistical analysis, but it can still affect the outcome. These variables can create problems by biasing your statistical results in any of the following ways:
- Magnify the real effect.
- Weaken the appearance of the relationship.
- Change the sign of a correlation.
- Mask an effect that actually exists.
- Create phantom correlations where none exist!
Learn more about Spurious Correlations. [Read more…] about Lurking Variable: Definition & Examples
Anchoring Bias: Definition & Examples
What is Anchoring Bias?
Anchoring bias is a cognitive bias that causes people to rely too heavily on the first piece of information they receive when making a decision. That information is their “anchor,” and it affects how they make decisions. Even when presented with additional information, people tend to give too much weight to the original anchor, leading to distortions in judgment and decision-making. Inaccurate adjustments from an anchor value can cause people to make erroneous final decisions and estimates. [Read more…] about Anchoring Bias: Definition & Examples
Probability Sampling Overview
What is Probability Sampling?
Probability sampling is the process of selecting a sample using random sampling. When you use this method, each individual or unit in a population has a known, non-zero chance of being randomly selected for the sample. Statisticians consider this method the most reliable because it tends to minimize sampling bias and produce samples that accurately represent the entire population. A representative sample allows you to use the sample to make inferences about the population. [Read more…] about Probability Sampling Overview
Self Serving Bias: Definition & Examples
What is Self Serving Bias?
Self serving bias is a cognitive bias that refers to the tendency for individuals to take credit for their successes while blaming their failures on external factors. In other words, people tend to see themselves positively by attributing their accomplishments to their internal abilities and failures to things outside their control. [Read more…] about Self Serving Bias: Definition & Examples
Hindsight Bias: Definition & Examples
What is Hindsight Bias?
Hindsight bias is a cognitive bias that creates the tendency to perceive past events as being more predictable than they actually were. It is that sneaky feeling that you “knew it all along,” even when that’s not true. This tendency is rooted in our desire to believe that we are intelligent and capable decision-makers, and it can cause various distortions in our thinking. [Read more…] about Hindsight Bias: Definition & Examples
Availability Heuristic: Definition & Examples
What is the Availability Heuristic?
The availability heuristic is a cognitive bias that causes people to rely too heavily on easily accessible memories when estimating probabilities and making decisions. This mental shortcut can distort our perception of how frequently certain events occur. [Read more…] about Availability Heuristic: Definition & Examples
Halo Effect: Definition & Examples
What is the Halo Effect?
The halo effect is a cognitive bias relating to our tendency to transfer a positive impression of one characteristic of a person or object to their other features. A classic example is that when you perceive someone as attractive, you are likely to assume they have other positive attributes, such as intelligence, kindness, and trustworthiness. [Read more…] about Halo Effect: Definition & Examples
Random Error vs Systematic Error
Random error and systematic error are the two main types of measurement error. Measurement error occurs when the measured value differs from the true value of the quantity being measured. [Read more…] about Random Error vs Systematic Error
Dunning Kruger Effect: Definition & Examples
What is the Dunning Kruger Effect?
The Dunning-Kruger effect is a cognitive bias that causes people with low abilities or knowledge to overestimate themselves compared to others. Conversely, people with high skills tend to underestimate themselves. In short, it is a psychological phenomenon that distorts our self-evaluation. [Read more…] about Dunning Kruger Effect: Definition & Examples
What is a Ratio and Proportion?
Ratios and proportions are related concepts in mathematics and statistics. A ratio compares two quantities and shows their relative sizes. For example, a veterinary office might have 1 dog to 2 cats as patients. This comparison tells us that they see twice as many cats as dogs. [Read more…] about What is a Ratio and Proportion?
Confirmation Bias Definition and Examples
What is Confirmation Bias?
Confirmation bias is the tendency to seek information confirming preexisting beliefs while ignoring information contradicting them. This bias can be particularly problematic when making important decisions, leading to flawed reasoning and inaccurate conclusions. It is a type of cognitive bias. [Read more…] about Confirmation Bias Definition and Examples
Cognitive Bias: Definition & Examples
What is Cognitive Bias?
A cognitive bias is a systematic fault in thinking and decision-making that can affect our judgments and perceptions. These biases can arise due to our limited mental capacity, the complexity of the environment, and the influence of our prior experiences and beliefs. [Read more…] about Cognitive Bias: Definition & Examples