Probability and Statistics: Terminology
This section covers the basic terminology of statistics and probability theory . It is important to learn these terms now because future readings will be using them.
Basic Terminology in Probability and Statistics
Let's start with the two main terms: Probability and Statistics.
What is probability theory?
Probability theory is a branch of mathematics concerned with probability. Although there are several different probability interpretations, probability theory treats the concept in a rigorous mathematical manner by expressing it through a set of axioms.
What is statistics?
Statistics is a subfield of mathematics. It refers to a collection of methods for working with data and using data to answer questions. We need statistics to help us turn observations into information and to answer questions about samples of observations.
Probability deals with predicting the likelihood of future events, while statistics involves the analysis of the frequency of past events.
Read more about probability and statistics. Try to focus more on the terminology.