From the course: Statistics Foundations 2: Probability
The importance of probabilities - Microsoft Excel Tutorial
From the course: Statistics Foundations 2: Probability
The importance of probabilities
- Gamblers, meteorologists, insurance companies, financial analysts. Tell me, what do all of these groups of people have in common? They're all obsessed with probability. Their understanding of probability is often reflected in the level of their success. In the last 20 or 30 years, the true leaders in these areas have often been analytical gurus with a deep understanding of probability. They use these probabilities to make decisions with favorable odds. Good decisions may result in winning bets, games, or elections. Bad decisions might result in losing jobs and losing money. For those that lack an understanding of probabilities, they might end up making poor decisions that result in embarrassingly low payoffs, or worse yet, losses. But for those that have the data and understand the probabilities, they have the tools to identify the best opportunities with the biggest payoffs. Hi, my name is Eddie Davila. In this course, we'll discuss the foundational elements of probability. This is part two of a two-part series of basic statistics. We'll calculate basic probability, as well as multiple event probability and conditional probability. We'll discuss probability tools, like probability trees, permutations, combinations, and the world famous normal curve. Along the way we'll revisit some of our old friends: means, medians, standard deviations, and z-score. Don't go anywhere, because payoffs are bigger when you invest your time developing your probability skills. Let's get to it.
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