Chapter 4

Probability Theory

Preview: Probability theory is the study of likelihoods that given events will occur. Probability theory plays a role in everything from operating a local casino to the techniques used to minimize side effects and negative outcomes in a medical setting.

No matter what the setting, probabilities can be represented by numbers between 0.0 and 1.0, where a probability of 0.0 means that there is no chance a given result will be achieved, while a probability of 1.0 means that the event will take place for certain. Probability theory often uses relative frequency to predict how often a given event will take place. That event can be anything, from the number of wins and losses for a soccer team to the number of times heads ...

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