Probability and statistic essay

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Essay on Statistics

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Plagiarism Checker. You need. Find Papers. Successes and a Few Frustrations I Got from Mathematics words, 1 pages The best subject in school to take is mathematics. It has so much to offer and so many different courses to take.

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As I take math through my education I have received successes, but some frustrations. I have memories of my old classes and teachers. I believe math has put Here are a few examples:.


Statistics and probability theory are absolutely essential in medicine. They are used to test new drugs, and to work out the chance that patients develop side effects from the drugs. Tests are performed on large groups of animals or people and statistics is the tool needed to evaluate the tests.

Stats and probability theory are also used to assess the risk from things like tobacco and alcohol, and to see how a certain gene affects people. How likely is it that a person with that gene develops a certain illness or characteristic? Statistics can provide an answer to this. Medical research cannot do without statistics. On the face of it, sciences like psychology, sociology or biology do not seem to have much to do with maths or stats.

But all of these have one thing in common: the scientist makes experiments and observations, for example:. These observations are then interpreted. The scientist may deduce that children with overpowering parents are particularly shy, that poverty is linked to drug abuse, or that a parasite is always deadly for a tree. But to make the observations in the first place, the scientist needs descriptive statistics.

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He or she has to make sure that the experiment is set up correctly, and know how to collect the data and represent them in a meaningful way. To interpret the data, the scientist needs inference statistics. Anything that involves observing or describing the world around us uses statistics.

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A very important thing in the financial world is risk assessment: what is the probability, or risk, of a company going bankrupt, or the interest rates going up? What is the risk of investing in a company, or of taking on a mortgage? The insurance industry is based on the idea of risk: the chance of your house burning down is quite small, but if it does happen, you lose everything.

The insurance company exactly balances the risk of fire with the cost of a fire.

Essay on Statistics - Words | Bartleby

They decide what premium to charge you, so that they still make a profit even though they sometimes pay out huge amounts. Risk assessment is very complicated, not least because risk is something very subjective. A good understanding of risk, and how it can be described using statistics and probability is essential for anyone working in the financial world. Finance is all about uncertainty and risk, and how to reduce them. This is why the financial world is becoming more and more mathematical.

Employers in this area often prefer mathematicians and statisticians to people with an economics background. Politics is very much about strategy.

Binomial distribution - Probability and Statistics - Khan Academy

How should an election campaign be fought? Use our service to find a statistics tutor. This section deals with introducing the concept of statistics and its relevance to everyday life.

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  6. We have all used the term 'Average' in some form or another at some point in our lives. Statistical averages are introduced and defined in this section.

    Probability of statistics

    Mean, median, mode and range are discussed both at an introductory level and also at a more advanced level, like the concept of Assumed mean. Frequency and its aspects like Cumulative Frequency are also discussed. This section serves as an introduction to the concept of Probability, including definitions of the different terminology and the fundamental method of calculating Probability. Different concepts like Dependence and Independence of Events are discussed including the methods of dealing with such concepts.