In this video, learn how to describe, calculate, and interpret percentiles.
- To get accepted into a prestigious graduate program, … you'd likely need to take a standardized exam. … GRE, GMAT, LSAT, MCAT, et cetera. … If your score is recorded in the 98th percentile, … what does that mean? … Well, among all the people that took it, … your score was in the top 2%. … Nice job. … Here's another example. … If we look at US annual incomes, in 2018, … someone that had an annual income of $250,000 … was in the 95th percentile, the top 5%, … while an annual salary of $63,000 … put you in the 50th percentile. … In other words, 50% of the adults … in the US had higher incomes. … Therefore, this is also our median. … Percentiles are easy to understand, … but how do we calculate percentile rank? … Well, there are actually a few acceptable methods … but here is one that is fairly easy to use. … Let's use these 20 exam scores as our data set. … If someone scored an 85%, … what would be their percentile rank? … Don't get confused, 85% is their score … but it isn't necessarily their percentile rank. …
Eddie explains that probability is used to make decisions about future outcomes and to understand past outcomes. He covers permutations, combinations, and percentiles, and goes into how to describe and calculate them. Eddie introduces multiple event probabilities and discusses when to add and subtract probabilities. He describes probability trees, Bayes’ Theorem, binomials, and so much more. You can learn to understand your data, prove theories, and save valuable resources—all by understanding the numbers.