In this video, learn how to find the probability of two events that might or might not intersect and when to add and subtract probabilities.
- Sometimes there are multiple outcomes … that would lead us to the same conclusion. … Let's play a game. … We'll flip two coins. … If even one coin comes up heads, you win. … What are your odds of winning? … Well, here are the four possible outcomes: … heads on both the first and second coin, … tails on the first and second coin, and so on. … Let's call each coin flip an event. … So if event one is heads, we win. … Or if event two is heads, we win. … And if both events are heads, well, we're hot. … We're on a roll. Our luck is good. … Vegas, here we come. … Notice, we have an overlap. … When we get heads on both flips, … there's a winner on event one and a winner on event two. … We want to be sure not to double-count that outcome. … So 50% of our four outcomes … provide a winner on flip number one. … 50% of our four outcomes provide a winner … on flip number two. … And we then subtract the overlap, … where we had winners on both flips. … This was on 25% of the outcomes. … So the probability of getting heads …
Eddie explains that probability is used to make decisions about future outcomes and to understand past outcomes. He covers permutations, combinations, and percentiles, and goes into how to describe and calculate them. Eddie introduces multiple event probabilities and discusses when to add and subtract probabilities. He describes probability trees, Bayes’ Theorem, binomials, and so much more. You can learn to understand your data, prove theories, and save valuable resources—all by understanding the numbers.