Descriptive Statistics and Probability

Descriptive Statistics and Probability
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Descriptive Statistics and Probability
Probability refers to the likelihood that a specific event will occur in the future or not. Indeed, it can only assume values from 0 to 1, where 0 and 1 are inclusive (Finetti, 2017). The numbers from 0 to 1 show the chances of whether the event will happen or not. When an event’s probability is 1, it means that it will certainly occur. For instance, if one has money, a reliable means of transport, and is ready to go out for shopping, it means that the probability of going to a mall to buy favorite food products is 1.
On the contrary, 0 means that an event will not happen (Finetti, 2017). By referring to the above shopping example, if the person has no money, mode of transport, and is not ready, it means th...