Imagine that a friend of yours would like to play a game. Your friend writes down two different numbers on two separate slips which you cannot spot. Afterwards you are allowed to choose one of the slips and read the number written on it. The game’s goal is to make a rough guess on the value of the second number.
You think there is a 50:50 chance for guessing correctly? Although you may not believe it: The probability for a success is definitely higher when you apply the following strategy! more →
Are you also annoyed when it comes to parking your car? I asked myself, whether marked parking spots are rather hurdles than helpers, and wrote this article 🙂 The goal is to investigate what’s better: Marked or unmarked parking space? more →
Back in 2010, I visited a casino for the first time with some of my friends. I suggested to try a roulette strategy which I heard about earlier. It advices to “double stakes”. We earned almost 30 bucks within an hour. Let me explain what we did! more →
Maybe you had to multiply means or expected values already. If you know, for instance, how often people go shopping on average and how much money they spent on their shopping tours on average then you could multiply both to obtain the average amount spent. In this post I will explain why multiplying means and expected values is a valid operation. more →
In applied statistics you often have to combine data from different samples or distributions. One of the most frequently used operation here is to add means and expected values. For instance, you could sample people’s leg length, body and head height. The result when adding these means? It is the average body height, I hope! more →