probability and statistics

This article "Probability and statistics" will explain the concept of probability and statistics in detail.

Probability And Statistics

Probability and statistics are the two important concepts in Maths. Probability means chance. Statistics is more about how we handle various data using different techniques. It helps to represent complicated data in a very easy and understandable way. Statistics and probability are usually introduced in martic and intermediate. school students are preparing for school exams and competitive examinations. The introduction of these fundamentals is briefly given in your academic books and notes. The statistic has a huge application nowadays in data science professions. The professionals use the stats and do the predictions of the business. It helps them to predict the future profit or loss attained by the company.

Probability

Probability means the possibility of occurrence of any outcome of any random event in random experiment. For example, when we toss a coin in any game, what is the possibility of getting a head? There are only two possibilities head and tail in tossing a coin. So only one event will occur either head or tail. 

Possibility of head = 1/2

Possibility of tail = 1/2

The probability is the measure of the likelihood of an event to happen. It measures the certainty of the event. The formula for probability is given by;

P(E) = Number of Favourable Outcomes/Number of total outcomes

P(E) = n(E)/n(S)

n(E) = Number of event favourable to event E

n(S) = Total number of outcomes

Statistics 

Statistics meaning is to collect, analyse, interpret,  present, and organize the data and then summarize the data. This has many applications from a small scale to large scale. Whether it is the study of the population of the country or its economy, stats are used for all such data analysis.

Statistics has a huge scope in many fields such as sociology, psychology, geology, weather forecasting, etc. The data collected here for analysis could be quantitative or qualitative. Quantitative data are also of two types such as: discrete and continuous. Discrete data has a fixed value whereas continuous data is not a fixed data but has a range. There are many terms and formulas used in this concept. See the below table to understand them.

Probability and Statistics related with these terms

There are various terms utilised in the probability and statistics concepts, Such as:

Random Experiment

Sample Sample

Random variables

Expected Value

Independence

Variance

Mean