From the course: Statistics Foundations 2: Probability
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Probability basics - Microsoft Excel Tutorial
From the course: Statistics Foundations 2: Probability
Probability basics
- Whenever uncertainty looms, probability is there. What are the chances of rain today? What's the probability I'll roll a four? What are the chances my plane will leave on time? Every one of these questions is begging for a probability, a percent chance of something happening. And when people are making decisions, they consider the probabilities. But what is a probability? I think we all know that the probability of flipping heads with say a US quarter is 50%. But how is it calculated? It's calculated by using this formula. We divide the desired outcome or outcomes by the total number of possible outcomes. So, if I want to flip heads, one outcome, heads and tails are possible outcomes, two outcomes, 0.50 or 50%. And if I wanted to know the chances of drawing a queen from a deck of cards, I divide four, the number of queens in the deck, one for each suit, by 52, the total number of cards in the deck. 0.077 or 7.7%.…
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