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Probability and statistics are both branches of mathematics. They help collect, organize, interpret, and manage data collected from random events that occur.
Probability refers to a study that shows the number of possibilities of a particular event to occur. It is a study of math that helps in collecting data which helps in evaluating the behavior of the event.
Let's take an example, if you toss a coin, there is a probability of two possible outcomes. Either the head will come, or the tail will come.
Probability deals with likelihood, chance, and statistics. These are all based on independent, dependent, and mutually exclusive events. The chances of something happening are based on the chances of each of the individual events happening. To find the probability of an event, multiply the chance of each of the separate events happening and divide by the total odds to find the total chance of the event happening.
P (A) = n/N = number of favorable cases / total number of cases
In this formula, the probability is defined as the ratio of the number of favorable cases to the total number of cases that are possible to happen.
Statistics is a science as well as an art. As a science, it is a discipline that is concerned with the collection and management of data. Statistics is the art of learning from the data collected.
The field of statistics is a complex and highly interesting area of mathematics which is used to extract information from data and then interpret this information in a way that allows for predictions and confidence intervals of the possible outcomes. Statistics is an important area of science as it allows businesses and people to interpret consumer behavior as well as society in general. The importance of statisticians to a modern society is becoming increasingly important as information becomes more prevalent and the need for interpretative analysis becomes more important.
Both the terms "probability" and "statistics" are related to each other. Probability helps to know the number of times an event can occur, and statistics help collect the data of all those events and manage them. Probability helps make predictions; hence it is related to the future. On the other hand, statistics collect all the past data and hence is related to the past.
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Here are some of the topics that are covered in our probability and statistics home help service:
|Univariate & bivariate transformations
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|Random variables, variance, expectation
|Law of total Probabilities
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