Posted by: mrice9tx | January 21, 2008

A random event is impossible to predict and occurs without preference over other events.  Random events interfer with our ability to predict the future because their occurence is unpredictable.   

A systematic event is one that creates a bias.  As statisticians we must be aware of these biases and their impact on our data.

Due to the interplay of random events, it is not possible to accurately and consistently predict future events.  However, randomness may work to your favor and you may accurately guess a few predictions.  However, in the long run, randomness with work to disrupt your predicting ability.  The best guess for a prediction is the mean because it will come closest to the real value than any other option. 

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