Basic Basics of Statistics(Descriptive) & Probability for Data Scientists-A Quick Refresher
Probability deals with predicting the likelihood of future events, while statistics involves the analysis of the frequency of past events.
PROBABILITY
In probability theory, an event is a set of outcomes of an experiment to which a probability is assigned. If E represents an event, then P(E) represents the probability that Ewill occur. A situation where E might happen (success) or might not happen (failure) is called a trial.
This event can be anything like tossing a coin, rolling a die or pulling a colored ball out of a bag. In these examples the outcome of the event is random, so the variable that represents the outcome of these events is called a random variable.
The empirical probability of an event is given by number of times the event occurs divided by the total number of incidents observed. If forntrials and we observe ssuccesses, the probability of success is s/n.
Theoretical probability on the other hand is given by the number of ways the particular event can occur divided by the total number of possible outcomes.
