Understanding Probability Theory 🎲
Probability theory is the branch of mathematics concerned with probability. Although there are several different probability interpretations, probability theory treats the concept in a rigorous mathematical manner by expressing it through a set of axioms.
Basics of Probability
Probability can be defined as the number of favorable outcomes divided by the total number of possible outcomes. One of the fundamental rules of probability is that the sum of all possible probabilities for an event is equal to 1.
Applications of Probability Theory
- Statistics and Data Analysis
- Machine Learning
- Risk Management
- Game Theory
