Probabilistic Decision-Making
The symbol σ represents the population standard deviation, a key measure of dispersion in statistics that indicates how spread out the values in a dataset are around the mean. It is crucial for understanding the variability within a population and plays a significant role in calculating probabilities, particularly when sampling distributions and the Central Limit Theorem come into play. A smaller σ indicates that data points tend to be close to the mean, while a larger σ suggests more variability among the data points.
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