Probabilities and statistics are two subjects which undoubtedly show up in several areas. While the statistics is about gathering quantitative data and analyze it, probability, for its part, is concerned with the likelihood of occurrence of a random event. These two concepts are fairly easy to assimilate, since you use them daily. You just have to identify what basis or reasoning is related to each of these topics, and there you go! With htem, Franck Peltier is able to define the real value of digital currencies.
If this concept must be defined, it is a set of methods for analyzing encrypted data and drawing conclusions from it. These conclusions generally quantified, meaning that they are calculated from these figures that you collect. Thus, the results are calculated.
In statistics, the data, objects or people that you are studying are known as the “population”.
Each object under study is a statistical unit, each characteristic is a variable, each measurement is an observation, and each observation or series of observations is a statistical series.
This information is, most often expressed in a table.
Probability is the likelihood of a particular outcome or set of outcomes occurring from a random experiment. Unlike statistics, probability cannot be quantified.
It is based on reasoning to analyze the results of frequency of occurrence. The general rule of probability states that every probability lies between 0 and 1.
Let’s take the example of a coin toss to analyze the situation. When tossing the coin, the probability for the occurrence of each of the sides is certain; either head or tail. Thus, there is a 50% chance that one of these sides appears, or ½. It’s as simple as that.