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September 8, 2023

Joint Probability – A Comprehensive Guide with Examples

When dealing in probability, we encounter various concepts that provide a framework for understanding the uncertainty of events. One such foundational pillar is the joint probability. This measure informs us about the likelihood of two or more events occurring together. In this Blog post we will learn: What is Joint Probability? 1.1. Joint Probability Formula …

Mutually Exclusive Events – Understanding Mutually Exclusive Events in Probability with Examples

Probability, at its core, serves as a measure of the likelihood of an event’s occurrence. But when dealing with multiple events, how do they relate to one another? This brings us to the topic of “mutually exclusive events”. In this Blog Post we will learn: What are Mutually Exclusive Events? Real-Life Examples Mutually Exclusive vs. …

Independent and Dependent Events – Understanding Independent and Dependent Events in Probability

Probability, a fascinating branch of mathematics, helps us understand the likelihood of an event occurring. Within probability the concepts of independent and dependent events are pivotal. These two notions are key in defining and comprehending the interrelationships between various events. In this Blog Post we will learn: 1. Independent Events 2. Dependent Events 3. Key …

Odds and Odds Ratios – Understanding Odds and Odds Ratios in the World of Data Science

Probability, as a concept, plays an instrumental role in the world of data science. When we talk about probability, we’re essentially talking about quantifying the uncertainty or the chance of an event occurring. One term that often finds its way in probability is ‘odds’. Odds can be somewhat counterintuitive, especially for those who are familiar …

Introduction to Probability – A Glimpse into Chance and Statistics

Probability is a fundamental concept important for almost every field of study, from pure mathematics to applied disciplines like physics, biology, finance, and, of course, statistics. Understanding probability allows us to predict outcomes, make informed decisions, and quantify uncertainty. Probability, in its simplest form, evaluates the likelihood of an event happening. But beyond the coin …

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