Are you confused about the difference between probability and statistics? You are not alone! Many struggle to determine the key distinctions between these two closely related topics. In this blog, we will discuss the major differences between probability and statistics with the help of examples, as well as how they are used in the field of data science. By understanding the nuances between probability and statistics, you will be able to use these concepts appropriate when solving data science related problems. So here we go!
Take a bag of marbles. You got your hand in the bag blindly and grabbed a handful of marbles.
In probability, you have the information about what’s in the bag and you use that information to guess or find out probability of what’s in your hand.
In statistics, you find out what’s in the bag (population) based on what you grabbed (sample) in the hand.
Here are a couple of real-world examples that would help understand the difference between probability and statistics:
Probability is the measure of how likely a certain event or outcome is to occur. It is expressed as a numerical value between 0 and 1, where the higher the number, the more likely it is for the event to occur. For example, if a coin is flipped, there is an equal chance that it will land on heads or tails, and thus the probability of either event occurring is 0.5 (or 50%).
Statistics is an area of mathematics that involves collecting, analyzing, interpreting, and presenting data. It is used to describe the characteristics of a population or sample and to draw conclusions about the population from which the sample was drawn. It is also used in hypothesis testing, where statistical methods are used to evaluate whether a given hypothesis is supported by a set of data. An example of statistics includes using a survey to measure the percentage of people who prefer a certain type of product. By gathering data about individual responses to the survey questions, researchers can find out what percentage of people prefer one type over another.
In conclusion, probability and statistics are two closely related fields of mathematics that are used to make predictions and draw conclusions about the behavior of a large population. While both involve the collection, analysis and interpretation of data, probability uses probability theory to predict future outcomes and make decisions based on random events whereas statistics is used to uncover patterns in data that can be used to draw meaningful conclusions regarding a population. Both disciplines have their advantages and disadvantages, but each plays an important role in many aspects of our everyday lives.
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