Probability vs statistics which one is important and why

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Probability vs statistics is always is big concern in statistics student's mind. But here in the best ever comparison between probability vs statistics from the experts.
  • 1. Probability vs Statistics Which One Is Important And Why? STAT ANALYTICA The best ever comparison by the experts
  • 2. Presentation Outline Today's Discussion Probability vs Statistics Definition of Probability Definition of Statistics Example of Probability Example of statistics Types of probability Types of statistics Probabilistic Model Statistical Model Uses of Probability Uses of Statistics Conclusion
  • 3. Overview Majority of students are still not able to distinguish between probability vs statistics. Probability and statistics are the related areas of mathematics. We use them for analyzing the relative frequency of events. But there is a vast difference probability vs statistics. You should see the difference because it will help you to interpret the relevance of mathematical evidence correctly. Lots of students and mathematicians do not get successful all because they were not able to find the difference between probability vs statistics. Let’s dig into the differences based on a few points
  • 4. Definition of Probability It is the branch of mathematics and analyzes the random phenomena that the event will occur. The outcome cannot be determined before the event occurs. But there are always several possible outcomes. Probability is all about analyzing the actual outcomes. It lies between 0 and 1. Where 0 stands for impossibility and 1 stands for certainty. The higher the number of probability close to one, the more chances that the event will happen.
  • 5. Definition of Statistics Statistics is a branch of mathematics. It is used quantified models and representations for a given set of experimental data. Statistics is having lots of methodologies to gather, review, analyze, and draw conclusions from any collection of data. In other words, it is used to summarize a process that is used by the analyst to characterize the data set. Statisticians use statistics analysis for gathering and evaluating data.
  • 6. Example of Probability In the case of probability, the mathematicians would see the dice and think that “Six-sided dice? They will also get a prediction that the dice will likely to land, and each face will equally face up. After that, they will also assume that each face will come up with the probability ⅙.
  • 7. Example of Statistics In Statistics, he will use the methodology to watch a while and keep track of how often each number comes up. Then he will decide that observations are consistent with the assumption of equal-probability faces. Once he will gain confidence enough that the dice are fair.
  • 8. TYPES OF PROBABILITY Classic Probability We calculate the results by recording all the possible outcomes of the activities and record the actual occurrences. Experimental Probability It is different than the recent one experimental probability is based on the number of possible outcomes by the total number of trials Theoretical Probability Theoretical probability is an approach that is based on the possible probability of the possible chances of something will occur. Subjective Probability Subject probability is also known as personal probability. Because it is based on a person’s own personal reasoning and judgments.
  • 9. TYPES OF STATISTICS Descriptive Inferential Statistics In descriptive statistics, the statistician describes the goal. In this, we use numerical measures to tell about the features of a set of data. besides, the descriptive statistic is all about presentation and collection of data.It is not as simple as it appears to statisticians. There are two types of descriptive statistics. Types of descriptive statistics Central tendency measure sVariability measures Inferential statistics is not easy statistics. It is more complicated than descriptive statistics. It is produced through complex mathematical calculations. These calculations are quite helpful for scientists. Types of inferential statistics Regression analysis Analysis of variance (ANOVA) Analysis of covariance (ANCOVA) Statistical significance (t-test) Correlation analysis
  • 10. Probabilistic Model We use this model to incorporate the random variables and probability distributions into the model of an event or phenomenon. We know that the deterministic model provides only a single possible outcome for an event.While the probabilistic model, we have a solution in the form of the probability distribution. These models are beneficial because they aware us from everything about a situation that we may miss without these models.
  • 11. Statistical Model A statistical model is a kind of mathematical model. It includes the set of statistical assumptions concerning the generation of sample data. It represents the data in an idealized form and the data-generating process.Statistical modal also specified as a mathematical relationship between one or more non-random variables as well as random variables. Statistics model has also derived all statistical hypothesis tests and all statistical estimators.
  • 12. Probability helps us to get an idea about the weather forecast. It is also helpful in cricket. Do you know how? It helps in getting the estimate batting average of the batsman. It is quite useful in Politics. Don’t you know how? Success in political elections is based on the number of different things. Probability is always helpful in flipping a coin or dice. We use both of these in various situations. Uses of Probability
  • 13. Research is impossible without the help of statistics. Because statistics offers various methods that help the researcher to do research more effectively, Statistics is also helpful in the financial market. It plays a crucial role for investors and traders. Statistics also has its importance in the field of medical science. The scientist shows a scientist must show a statistically valid rate of effectiveness of the drug. Uses of Statistics
  • 14. Statistics and probability are significant parts of mathematics. But as statistics students, you need to know the difference between these two terms. There are lots of similarities between these two. But it is a lot different than each other.Now you may be sure about the difference between probability vs statistics. So get ready with the answer whenever someone is going to ask the difference between probability vs statistics.Conclusion
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