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Probability A Guide To Understanding Uncertainty

This presentation provides an overview of probability, covering key concepts such as random experiments, probability axioms, and counting techniques. It also discusses conditional probability, independence, Bayes' Theorem, and various probability distributions, including binomial and normal distributions. Practical applications of probability in finance, healthcare, engineering, and gaming are highlighted to demonstrate its relevance in real-world scenarios.

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chankent337
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49 views10 pages

Probability A Guide To Understanding Uncertainty

This presentation provides an overview of probability, covering key concepts such as random experiments, probability axioms, and counting techniques. It also discusses conditional probability, independence, Bayes' Theorem, and various probability distributions, including binomial and normal distributions. Practical applications of probability in finance, healthcare, engineering, and gaming are highlighted to demonstrate its relevance in real-world scenarios.

Uploaded by

chankent337
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Probability: A Guide to

Understanding Uncertainty
This presentation will introduce you to the fascinating world of probability.
We'll explore key concepts, applications, and tools that will empower you to
understand and analyze uncertainty in various situations.

by kent chan
Random Experiments and Sample Spaces
Random Experiments Sample Spaces
Involve uncertain outcomes that can't be predicted with Represent all possible outcomes of a random experiment.
certainty.
Probability Axioms and
Properties
1 Axiom 1 2 Axiom 2
Probability of an event is Probability of the sample
between 0 and 1. space is 1.

3 Axiom 3
Probability of mutually exclusive events is the sum of their individual
probabilities.
Counting Techniques: Permutations and
Combinations
Permutations Combinations
Order matters in permutations. Example: Different Order does not matter in combinations. Example: Selecting a
arrangements of letters in a word. team of players from a group.
Conditional Probability and Independence
Conditional Probability
1 Probability of an event given that another event has already occurred.

Independence
2
Events that do not influence each other's occurrence.
Bayes' Theorem and its Applications
Bayes' Theorem
1
Updates prior probabilities based on new evidence.

Applications
2
Used in fields like medicine, finance, and machine learning.
Discrete Probability Distributions: Binomial and
Poisson
Binomial Distribution Poisson Distribution
Describes the probability of successes in a fixed number of Models the probability of events occurring in a fixed interval of
trials. time or space.
Continuous Probability
Distributions: Normal and
Exponential
Normal Distribution Exponential
Bell-shaped curve, often used Distribution
to model natural phenomena. Skewed curve, describing the
time between events.
Law of Large Numbers and
the Central Limit Theorem
Law of Large Numbers
1 As sample size increases, the sample mean converges to the
true mean.

Central Limit Theorem


2 Distribution of sample means approaches a normal
distribution as sample size grows.
Practical Applications of
Probability in Real-World
Scenarios

1 2
Finance Healthcare
Risk assessment and portfolio Clinical trials and medical
management. diagnostics.

3 4
Engineering Gaming
Reliability analysis and quality Game design and odds calculations.
control.

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