If you don't know the distribution, you can sample it, and then you can estimate the population mean and standard deviation from the sample mean and sample standard deviation.
You can calculate it, but the calculation is non-fundamental, so you may as well use the table.
Once you have the table and use it, you can determine what % chance outliers a certain number of SDs away from the mean are to happen, which is very useful for considering risk and risk averse strategies' merits compared to each other. I would not downplay this tool just because it requires looking at a table and using math.
Whenever I need the table, I google 'z score' and every image is the table. (Basically, z score is how many standard deviations a sample is from the mean in a distribution, positive or negative)
You can calculate it, but the calculation is non-fundamental, so you may as well use the table.
Once you have the table and use it, you can determine what % chance outliers a certain number of SDs away from the mean are to happen, which is very useful for considering risk and risk averse strategies' merits compared to each other. I would not downplay this tool just because it requires looking at a table and using math.
Whenever I need the table, I google 'z score' and every image is the table. (Basically, z score is how many standard deviations a sample is from the mean in a distribution, positive or negative)
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