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