Basics of Probability
For anyone taking their first steps in data science, probability is a must-know concept. In this lesson, we will learn this important piece of the puzzle by going through each concept in a simple way.
What Is Probability?
Probability is the numerical chance that something will happen; it tells us how likely it is that some event will occur.
Probability is one of those intuitive concepts that we use on a daily basis, without necessarily realizing that we are talking probability. Our lives are full of uncertainties; unless someone has superpowers to foresee the future, we don’t know the outcomes of a particular situation or event until it actually happens. Will I pass the exam with flying colors? Will it snow today? Will my favorite team win the match? These are some examples of uncertain events. In statistical terms, “team won” is the outcome while “my team ...