Probability & Statistics

Data scientists spend much of their time generating statistical reports and dealing with probabilities. This chapter provides an introduction to probability theory , including joint probabilities and conditional probabilities . Probability is a measurement or estimate of the likelihood of some result, on a scale from 0 to 1. A probability can be calculated theoretically in some situations, but in other situations we can only estimate a probability based on the frequency of an event&s;s occurrence in the past relative to a known finite set of possible outcomes. This chapter also cover descriptive statistics , including measures of variation and measures of a data value&s;s position within a set. Related to measures of position are methods for normalizing and standardizing data. The are important processes in data analysis.