Probability and statistics are two related but separate academic disciplines which are usually studied together.
Probability is the measure of the possibility that an event is going to happen. Probability is usually quantified by using numbers which range between 0 and 1. 0 indicates impossibility, 1 indicates certainty.
Probability is used in mathematics through the use of the probability theory. As well as this, this theory is applied to different areas including finance, gambling, science, artificial intelligence, computer science, game theory and philosophy.
The term statistics refers to a branch of mathematics which focuses on the collection, organisation, analysis, interpretation and presentation of data.
Usually, the discipline focuses on problems related to a population or a process. Statisticians compile data about the whole population and use descriptive statistics to summarise the population data. When the census is not possible, statisticians utilise a sample.
Misuse of statistics can produce serious issues and errors in the description and interpretation of data which led to wrong decisions.
Statistics originated in 1663 with the publication of Natural and Political Observation upon the Bills of Mortality by John Graunt. Nowadays, the discipline is utilised in different sectors which involve the decision making process.
Do you want to know more about these two disciplines? Take a look at this category. You will find a wide range of digital books which will help you understand better the concepts of probability and statistics. As well as this, these ebooks will support your studies and exams.
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