Different types of probability include conditional probability, Markov chains probability and standard probability. Standard probability is equal to the number of wanted outcomes divided by the number of possible outcomes.Continue Reading
Probability is a ratio that compares the number of times that an outcome can happen with the number of all possible outcomes. Standard probability looks at independent events where the first event does not effect the outcome of the second event or the third event.
Conditional probability looks at events that are not independent of one another. It takes a look at a past performance that will influence a future performance in order to find the probability of the performance.
A Markov chain is similar to conditional probability. A Markov chain probability will look at the sequences of events where each probability is dependent on the results of a prior event or events. An example of a Markov chain probability would be if it is raining at a specific location, what is the probability that it will be raining still in 10 minutes? What is the probability that will be sunny in 10 minutes? What is the probability of whether it will be raining or sunny in the next hour? The Markov chain answers this by moving along a six 10-minute step period where each step affects the next.Learn more about Statistics
Experimental probability is the probability that an event occurred in the duration of an experiment. It is calculated by dividing the number of event occurrences by the number of times the trial was conducted.Full Answer >
A basic hypothesis test measures the outcome of a probability function or equation for the validity of an expected or returned result. Typically, a basic hypothesis test uses accumulated data points as the basis for rejecting or accepting a hypothesis. This is done mathematically or using empirical data.Full Answer >
The formula to determine probability is dividing the number of ways an event can occur by the total possible outcomes. Probability is defined as the measurement of how likely an event will occur. This event is the results or outcomes of an experiment.Full Answer >
A couple of real life examples of probability in action are coin tosses and the rolling of dice. If each coin or die is evenly weighted, the probability of the outcome is determined by using a mathematical formula.Full Answer >