O'Reilly logo

Using Statistics for Better Business Decisions by Bert G. Wachsmuth, Justin Bateh

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

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 ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required