Chebyshev’s inequality is one of the most powerful theorems in probability theory. Regardless of the shape of a distribution, a given portion of the observations will fall within a certain distance from the mean. It is applied by calculating the proportion of observations falling within ‘k’ standard deviations from the mean.
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Chebyshev Inequality is among the topics included in the Quantitative Methods module of the CFA Level 1 Curriculum.