1:09:15 Bit confused here. It is 75% probability not 25% because the tables show 75%. Are you trying to say that from the mean to 0.67 (z-score) it is 25% probability and after the 0.67 (z-score) is 75% probability? Also in this scenario when will one come to know that a normal distribution has NOT been achieved?
Hi Vishva, Thanks for your comment. The probability of being that amount or above is 25% (1-0.75). Therefore, the probability of being between the mean and that amount is 25%. Remember, there is a total 50% probability of being above the mean in normal distribution. If the information given in the exam paper about probabilities of certain outcomes does not fit normal distribution than you will know that the data is not normally distributed. I suggest watching the other statistic videos where I work through the 2021 exam questions (one of these is in the SBM Video Course and the other was covered in the SBM Live Course). You may also find other UA-cam videos explaining how to use distribution tables useful. Kieran
Hello, It is a question we created for the purpose of this UA-cam channel. It is not something we send out to students. You can access the ICAEW past exam questions in the ICAEW Question Bank. During our SBM video course, Kieran works through lots of questions to teach you the exam technique to use for each type of question. We also have our SBM Open Book Notes available. Full details for both are here: www.acamasters.com/strategic-business-management
Great session Kieran. Thanks for providing insight on the application of statistics :)
Thank you for your feedback, Ashish. Glad that you found the session useful.
All the best for your SBM exam - please let us know how you get on.
1:09:15 Bit confused here. It is 75% probability not 25% because the tables show 75%. Are you trying to say that from the mean to 0.67 (z-score) it is 25% probability and after the 0.67 (z-score) is 75% probability? Also in this scenario when will one come to know that a normal distribution has NOT been achieved?
Hi Vishva,
Thanks for your comment.
The probability of being that amount or above is 25% (1-0.75). Therefore, the probability of being between the mean and that amount is 25%. Remember, there is a total 50% probability of being above the mean in normal distribution.
If the information given in the exam paper about probabilities of certain outcomes does not fit normal distribution than you will know that the data is not normally distributed. I suggest watching the other statistic videos where I work through the 2021 exam questions (one of these is in the SBM Video Course and the other was covered in the SBM Live Course). You may also find other UA-cam videos explaining how to use distribution tables useful.
Kieran
Which SBM mock paper is this? Daisy , Lotus, Orchid or Crocus??
Hi Vishva,
It is an ACA Masters mock exam, not an ICAEW mock exam. These are not available to students yet. We hope to make them available in 2023.
Can i get the pdf for the paper and material
Hello,
It is a question we created for the purpose of this UA-cam channel. It is not something we send out to students. You can access the ICAEW past exam questions in the ICAEW Question Bank. During our SBM video course, Kieran works through lots of questions to teach you the exam technique to use for each type of question. We also have our SBM Open Book Notes available. Full details for both are here: www.acamasters.com/strategic-business-management