From the course: Statistics Foundations 2: Probability
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Examples of probability - Microsoft Excel Tutorial
From the course: Statistics Foundations 2: Probability
Examples of probability
- Probabilities can come in many forms, but all probabilities must conform to some simple rules. Let's take a look at two different types of probability, coin flips and weather. Coin flips are an example of even odds. Two possible outcomes, heads and tails, each at 50% probability. Weather has weighted odds. While there are many possible weather outcomes, let's consider only two outcomes, rain or no rain. Depending on where you live, probabilities are different, but they are rarely even odds. For example, based on historical data, the daily probability of rain in Los Angeles is 7%. The chance of no rain is 93%. These are definitely not even odds. No rain is significantly more likely. London's probability of rain is 29% and the probability of no rain is 71%. Different from Los Angeles, but again, not even. Examples of even odds scenarios would include coin flips, rolling dice, picking cards from a standard deck, and…
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