: Actuaries use probability to calculate risks for accidents or illnesses to set insurance rates.
(Probability and Statistics) is a foundational mathematical discipline focused on understanding uncertainty and making sense of data. While related, they approach problems from opposite directions: probability uses a known model to predict future outcomes, while statistics uses observed data to build or verify a model. 1. Probability (Vjerojatnost) Vjerojatnost i statistika
: Researchers use statistics to determine if a new medical treatment is more effective than a placebo. : Actuaries use probability to calculate risks for
: Teams use statistics (like "Moneyball" or sabermetrics) for player drafting and strategy. : Focuses on summarizing data using visual tools
: Focuses on summarizing data using visual tools like histograms or numerical measures such as mean (average), median (middle value), and standard deviation (how spread out the data is).
1.2 - The 7 Step Process of Statistical Hypothesis Testing | STAT 502