Probability and Statistics

This chapter covers the basics of probability and some important properties of the theory of probability, such as discrete and continuous random variables and distributions. It focuses on statistics and its types. Statistics is divided into two parts: descriptive statistics and inferential statistics. The chapter discusses one more topic related to probability and statistics, which is extremely necessary for business and industry, namely reliability of a system. As part of properties of continuous random variables, it also discusses continuous moments. As in the discrete case, the chapter lists a selected number of continuous probability distributions. The purpose of most statistical studies is to obtain information about the population from a random sample by generalization. It is a common practice to identify a population and a sample with a distribution of their values: parameters and statistic, respectively. A simple frequency distribution is a grouping of a dataset according to the number of repetitions of a datapoint.