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What is Probability and Statistics

Probability is a conceptual theory that is realized by various mathematical formulation that explains the possible chances of an event occurrence. It is best defined as the likelihood that an event will occur. If you have a high affinity toward numbers, then Probability is the best subject to undertake.

Many organizations worldwide use Probability to depict the likely outcome of a specific decision that they will take and possibly both positive and negative consequences in the future. The thirst for employees who are experts in Probability is increasing every day due to the various risks that should be taken in a business.

Probability

Probability is a conceptual theory that is realized by various mathematical formulation that explains the possible chances of an event occurrence. It is best defined as the likelihood that an event will occur. If you have a high affinity toward numbers, then Probability is the best subject to undertake.

Many organizations worldwide use Probability to depict the likely outcome of a specific decision that they will take and possibly both positive and negative consequences in the future. The thirst for employees who are experts in Probability is increasing every day due to the various risks that should be taken in a business.

Types of Probability

Classical Probability

Relative Frequency Distribution

Subjective Probability

Importance of Probability

Gather data by a random mechanism

Probability is used in the prediction of a given tests under experiment.

Probability helps one in the computation of an error that is larger than the given amount.

Probability plays a crucial role in determining whether the assumption given is realistic or not.

Rules of Probability

All probabilities are equal to or greater than zero (0)

All probabilities are equal or less than one (1)

The sum of all probabilities outcome must add up to one

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