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Explore probability, decode patterns, predict outcomes, and navigate uncertainty. From weather forecasts to business insights, learn how data shapes decisions in real life!
What is probability?
Imagine flipping a coin, will it land on heads or tails? Probability is like a fortune teller for such situations. It's the branch of mathematics that deals with the likelihood of events happening. It uses numbers (between 0 and 1) to express how probable something is, from impossible (0) to certain (1).
What is a probability value in statistics?
In statistics, a probability value, often just called probability, measures the likelihood of a specific event occurring. This value ranges between 0 and 1, where 0 means the event cannot happen and 1 means the event will definitely happen. For example, flipping a fair coin has a probability of 0.5 for landing heads, indicating an equal chance of landing heads or tails.
How to calculate probability?
Calculating probability can also involve more complex scenarios with multiple events:
For independent events (events that don’t affect each other), multiply the probability of each event. For example, the probability of rolling two sixes in a row is 1/6 * 1/6 = 1/36.
For mutually exclusive events (events that cannot happen at the same time), add the probability of each event. For instance, the probability of rolling either a 5 or a 6 is 1/6 + 1/6 = 1/3.
What are the different types of probability?
Probability distribution is a way of describing the possible values of a random variable and their probabilities. It can be divided into two main categories:
- Discrete distribution: the variable is discrete, such as rolling a dice.
- Continuous distribution: the variable is continuous, such as a person's height.
