Probability provides the mathematical framework for quantifying the likelihood of events.
: Actuaries use probability to calculate risks for accidents or illnesses to set insurance rates.
: These are the "backbone" of the field, representing numerical values assigned to outcomes of random processes. They can be discrete (countable, like a coin flip) or continuous (measurable, like temperature). Vjerojatnost i statistika
: Teams use statistics (like "Moneyball" or sabermetrics) for player drafting and strategy.
: Meteorologists combine historical data and probabilistic models to predict the chance of rain or storms. They can be discrete (countable, like a coin
Statistics is the science of gathering, organizing, and analyzing data to draw conclusions about a larger population.
1.2 - The 7 Step Process of Statistical Hypothesis Testing | STAT 502 Statistics is the science of gathering, organizing, and
: Uses sample data to make predictions about a whole group. This includes Hypothesis Testing (using a 7-step process to see if a claim holds up) and Confidence Intervals (estimating a range where a true value likely falls).