Define probability and explain its three perspectives. Can you also provide an example of each.
What is probability?
- Probability deals with chance. It is a measure of the likelihood of an event happening given a certain number of tries. Generally speaking you can say that probability is represented on a percentage scale. In statistics however, it is most likely to be represented by a decimal number that falls somewhere between and including 0 and 1. So for example a 2% chance would be written as 0.02 probability, while a 20% chance would be written as 0.2 probability. (Fractions are also common).
- The closer you are to 0, the less likely it is that the event being considered will happen. The closer you are to 1, the event then has a higher chance or probability of happening.
Important terms in the study of probability:
- Experiment: "a process that leads to the occurrence of one and only one of several possible observations" (Lind, Marchal, & Wathen, 2008) For example, if you have 5 peanut M&M's left in ...
This solution examines the three perspectives of probability.