Probability and Statistics
Statistics are useful in all areas of life. The medical profession relies on statistics for many reasons including to determine what drugs are appropriate for treating disease. Financial service businesses use statistics to decide what investment strategy to follow. Many other areas of study and practice rely on statistics as well to inform and … Keep Reading → guide their work. Sports fans will certainly be familiar with the use of statistics to characterize the effectiveness of athletes and teams. Statistics are merely pieces of information that are collected and saved to be used in some form of analysis or comparison. The science of statistics is the study of the forms and methods in which those pieces of information should be collected and analyzed. When analyzing statistics one important question that is often considered is the probability of specific outcomes. This can be helpful if the result is unknown and the question of the best course of action is being considered.
