A simple example is the toss of a coin. The probability is 1/2 (or a 50% chance) of either "heads" or "tails". Statistics is the study of the collection, analysis, interpretation, presentation ...

Probability is used in everyday life. For example, in medicine in determining the chance of a drug working and by insurance companies in determining the cost of car insurance for different age groups.

Bayesian probability is the basis of all our beliefs, and to a large extent our success in life is related to how nimble we are in keeping up with the slippery beast of probability. More ...

They split the problem up into small, manageable steps. Instead of trying to solve for the entire probability distribution in one go, they focused on only a small slice of the moments. For example, to ...

For example, suppose you wanted to know the probability that the S&P 500 would return a positive percentage this year, given initial gross domestic product (GDP) figures.

Probability calculates the chance of something happening in the future and is measured in per cent (%). It is regularly used to predict the weather. For example, 'I predict that there is a 50% ...

An example would be I rolled the dice three times and got 12 three times, for a statistical probability of 12/12 or 100%. This calculation demonstrates the flaw of empirical probability. Examples ...

This example illustrates how to create and s charts with probability limits. The following statements read the kilowatt power output measurements from the data set TURBINE (see "Creating Charts for ...

The Monty Hall problem, first posed in 1975, imagines a game show in which you choose one of three closed doors and win whatever is behind it. One door conceals a Cadillac, behind the other two ...