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Probability and statistics chapter-3

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  Unit 3: Probability Introduction and Importance of Probability Probability is one of the important branches of Statistics that is concerned with random phenomena. Everyday concept of “likelihood”, “predictability” and “certainty” are formalized by the part of statistics called probability. Probability is a statistical method used to study of the chance of occurrence and non-occurrence of different phenomena. It is the synonym of the words most likely, chance, probably etc. Hence, Probability defined as „uncertainty is numerically expressed. The theory of probability was developed in the middle of the seventeenth century.  It was originated from the problem related to gambling such as tossing a coin, throwing a die, drawing cards from a pack of cards etc. Therefore, in the early days it was known as the theory of games and chance. But nowadays, there is hardly any displine (field) where “probability”   has not been used. The theory of probability is used in...

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