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# Probability

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It is also otherwise known as a statistical probability which is derived from the past records. It is used in practical problems, viz. The formula of computing such probability is as follows:. For example, if the total number of persons insured at the age of 20 Years is and the number of such persons dying was found to be , the empirical probability of the death is given by.

It is to be noted that when the number of observations is very large, the empirical probability of an event is taken as the relative frequency of its occurrence, and that such probability is equal to the prior probability.

A probability which is calculated on the basis of some historical data, common experience, recorded evidence, or rigorous analysis is called objective probability. Probabilities of various events in rolling of dice, or flipping of coins are examples of objectives probability in as much as they are based on dependable evidences.

A probability which is calculated on the basis of personal experience or opinion is called a subjective probability. Probabilities of earning super profits for 10 years are the examples of subjective probability in as much as such probabilities are calculated purely on the basis of personal opinion of some experts. The probability of a dependent event is called a conditional probability. If there are two dependent events, say A and B the conditional probability.

If there are two dependent events, say A and B the conditional probability of A given that B has happened is given by ;. And the conditional probability of B given that A has happened is given by. Which represents that the probability of A, B and C is equal to the probability of A times the probability of B given that A has happened, B times the probability of C given that both A and B have happened. It is to be noted that where conditional probability is attached to the two independent events say A and B, the conditional probabilities of A and B will be represented thus:.

The product of a prior probability and a conditional probability is the joint probability of any two dependent or independent events. The values of joint probabilities of any two events can be better represented through a table known as the Joint Probability Table in which the intersection of the rows and columns are shown as the joint probabilities of the various events.

The following examples would make the point very clear. This is, also, otherwise called as unconditional probability which refers to the probability of occurrence of an event without waiting for the occurrence of another event. The marginal probability of the events, say, A and B are represented as follows:. In a joint probability table, the marginal probability of an event can be easily calculated by adding the two joint probabilities relating to an event both row and column-wise.

It is to be noted that sum of the marginal probabilities of all the related events will be equal to one. All these have been shown in the joint probability tables as solution to the illustrations 19 and 20 above. We are the only company with more than dedicated professional data analyst — mathematicians and statisticians, employed to fulfill the demands of our clients. We utilize advanced software tools to ensure the report is free of any plagiarized content.

We hold great pride in providing the highest grade of customer support to our clients. We promise to take responsibility to complete your task, but we do not leave you alone. We are a proud employer of more than professional data analyst, statisticians and mathematicians, who are always ready to fulfill the needs of our customers.. Our services are delivered by our team with years of experience are passionate about developing business. There are extensive applications of Statistics in Business, Technology, Psychology, Engineering, Chemistry, and quotidian life.

More and more students are choosing statistics as major because of its benefits and job openings for graduates. To find that truth behind the data our Statistics analyst put the learning and experience from their career with complete dedication towards success in your Statistics assignment. They have known many institutions and industries, so they know how to complete any given requirement by school, university or any other institution, whether it be academic or professional. Once our customer are able to deliver their Statistics Homework requirements, they are capable of completing the Stats Homework project on their own taking up from scratch.

Statistics is an academic discipline which is one of the most popular academic disciplines. The term is defined as the systematic study through which a person can gather, organize, analyze, illustrate, and present the data graphically. Statistics is mostly used to generalize the data in order to draw the conclusion about something. A large number of mathematical tools as well as techniques are used to gather the data that include survey questionnaires, focus groups, interviews and many others.

The data can be derived from the large population and then it is significantly analyzed by the statisticians. In addition, the data represents in the graphical format so that a person is able to arrange the data in a systematic manner for the purpose to illustrate the conclusion.

Statistics is also used to design the data collection tools which are used to gather the data by the target population or sample for various purposes. In the present world, the field of statistics is changing quite fast. Due to the technological changes, a large number of changes are also occurred in statistics.

The tools and techniques of statistics are used in number of other disciplines that include management sciences, finance, marketing, social sciences, medicines and many others. The essential purpose of statistics is to analyze the situation and make the decision about particular scenario. A number of decisions are made on the basis of statistical findings. In universities and colleges, assignment or project are assigned to the students that require extensive research in order to analyze situation and draw conclusion as well as recommendation.

Therefore, a lot of students take help from the statistical tools and techniques for the purpose to gain success in their assignment or project. Furthermore, many businesses or professions also take the help from statistics in order to do business researches such as marketing research, finance research, etc. In marketing research, a company or business conducts a research from the customers in order to take their insights about new product of company.

However, this can only happen by the data collection tools and techniques of statistics. In addition, it generally helps the company in order to estimate the future of the new product. Generally, the data collection tools and techniques of statistics are used in academics, professions, and also in our daily lives.

All of us can make our daily life decisions on the basis of statistical thinking. In addition, we also used statistics in our daily life conversation. For instance, if one can say that he burns calories per day with the help of various exercises. Therefore, this statement shows the statistical thinking of a person. This clearly shows that person can generate the result on his daily exercising activities.

Particularly, statistics has five main steps which need to be followed in order to draw the conclusion about something. The study of statistics is quite helpful for any person whether he is business professional, student, employee or a lay man. It increases the quality in the life of humans. Nowadays, people are willing to use statistical tools and techniques in their day to day actions in an excessive manner. The people who are interested to take help about the statistical tools and techniques, they should avail our statistics help service.

Our service is really beneficial for those who want to make their profession in the field of statistics. Students of any educational service can also take our professional guidance for statistics assignment or homework. Our statistics help service has the quality, however we offer discount packages especially for the students. Statistics is a wide ranging academic discipline.

It has numerous concepts and theories. The concepts and theories are quite complex and it creates lot of problems for the students. As it has been mentioned before that thousands of people are use statistical techniques for the purpose to make decisions in the regular life.

Currently, the people from all the professions use statistical techniques in order to analyze different situations which significantly impact the performance of the professionals. In addition, statistical methods are also used in the war like situations. Decision making plays an important role in war like situation; however without using the statistical thinking one cannot take effective or efficient decisions.

A lot of other professional examples also explain the importance of statistics. For instance, the economic issues that include wages, GDP, demand and supply, inflation and many others have significantly affect the economy of a particular country.

However, these problems will be solved by doing the analysis of historical and current data with the help of statistical methods or techniques. These methods will help the economics to identify the problems and give recommendations in order to solve the economic issues. Moreover, management sciences also take the help of statistics in order to solve the managerial issues.

Particularly, marketing management, financial management as well as research courses heavily depends on the statistics methods and approaches. In these courses, one can consider hypothetical conditions which might be tested through statistical tests or analysis. The purpose of statistical testing is to reject or approve hypothetical assumptions. Furthermore, other professions such as medicine, armed forces, engineering, etc. For instance, doctors can analyze the medical history of patients before suggesting him a treatment in order to prevent the disease.

In addition, armed forces also use statistical methods for the purpose to make strategies. Strategies require extensive scientific knowledge and assumptions which cannot be achieved without taking the help from the area of statistics. In the field of statistics, a lot of ways through which one collects the data. The purpose of data collection is to make future predictions or derive solutions for the present problems.

One of the major tasks in the field of statistics is to collect the data; however the analysis of findings and conclusion comes later.

Data collection tools include questionnaire, focus group, in-depth interviews and many others. It is necessary that the data collection tool should be designed or selected as per the type of research or the attributes of the population.

All the researches are mainly based upon the data collection methods; however one is unable to conduct a research without collecting the data.

In statistics, there are numerous data collections methods are used for conducting a research in which some of them are experimental studies and observational studies, sampling, etc.

In the causal studies, the data collection method such as experimental as well as observational are used in order to gather the data from population. Causal study is the type of quantitative research. In this kind of study, researcher finds the cause and effect among two variables. Researcher constructs a hypothetical condition which called hypothesis between the variables so that cause and effect will be determined.

Work performance and stress is one of the best examples of the causal studies. Moreover, the researcher mostly collects the data through observation or experimental methods in the causal studies. In the observational method, researchers can closely observe the activities of respondents for the purpose to collect the data. For instance, use of mystery shoppers is one of the best examples of data collection through observations.

On the other hand, researcher can design an experiment for the respondents in order to do data collection. The other kind of data collection method is sampling.

It is also used as the method of data collection through which researcher gathers the responses from the participants about a particular issue or problem.

Sampling data collection method is used to collect responses from the large population. Sampling is the most preferable data collection methods for the qualitative studies. In sampling, it is convenience to collect large amount of data in a few time. Furthermore, sampling data collection method has two kinds that include probability sampling and non-probability sampling. Probability sampling data collection method is also known as the random sampling.

In this kind of data sampling technique, researcher is free to choose the elements from the sample on a random basis.

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