Introduction to Poisson Distribution #1

Poisson Distribution curve is one of the most used statistical methods used for predicting event occurrence probability based on historical data of said event. Corporations use the Poisson distribution to predict sales for a financial quarter based on sales of the previous three quarters. Meteorologists use historical data to predict weather patterns for the upcoming year. Probability Mass Function The probability mass function of the distribution is given by the… Read More »Introduction to Poisson Distribution #1

Problems on Basic Probability #1

We will go over some basic probability problems in this post.The problems will include concepts such as venn diagrams and proportions. College students problem The study was conducted in awesome university and 600 students were randomly asked a question. on which subjects they studied. 400 said that they studied mathematics, 309 said that they studied economics. 180 said they studied mathematics and economics. Draw a Venn diagram of the given… Read More »Problems on Basic Probability #1

Introduction to Basics of Probability #2

We got introduced to probability in Part 1. Now let us continue with some more basics of probability.In this post we will learn about some additional terms. Independence When doing a probability study, we look at events and the chances of their occurrence. For Example we have Event A and B. If the probability of event A is not affected by the probability of event B, and vice versa, then… Read More »Introduction to Basics of Probability #2

Introduction to Basic Probability #1

In this post we will get an introduction to basic Probability and what it entails. Statistics and Probability are two topics that go hand in hand. We always need to study and understand probability before venturing into statistics. What is Probability? Probability is defined as the likelihood of occurrence of a specified (desired or undesired) event. The most common usage of probability that can be told globally is the chance… Read More »Introduction to Basic Probability #1