I like to play gin rummy, so I am always thinking about the probability of getting specific cards. Probability is a fantastic thing for prediction but it can be a little messy to figure those predictions too. Fortunately, there are a few basic principles (or laws) that help figure those probabilities out. Let’s investigate some […]

# Archive | Probability

## What is Random Walk Theory?

A random walk describes the movement of an object along some mathematical space, or the different values generated by a random variable. Random walks have applications in Finance, Economics, Chemistry, Physics, and more. In this article, we’ll introduce the idea of random walks and Random Walk Theory.

## Markov Chains

A Markov chain is a memoryless stochastic process, meaning that future states of the system depend only upon the current state. In this article, we introduce the concept of a Markov chain and examine a few real-world applications.

## What Is Predicted Probability?

You probably wonder how predicted probability is different from normal probability. After all, that is why you’re here. Well, it has to do with how the probability is calculated and what the outcomes mean. Well, a predicted probability is, essentially, in its most basic form, the probability of an event that is calculated from available […]

## Stochastic Processes

A stochastic process describes the changes that a random variable takes through time. In this article, we introduce stochastic processes and some of their basic properties.

## The Basics of Probability

In this article, we focus on the basics of probability, including its definition and how to calculate it from a given sample space. We also look at basic probability rules using “and” and “or,” and practice using some example problems.

## 10 Set Theory Topics You Need to Know

Image by Jorgelrma Statistics starts with probability, such as the probability that I will win the lottery (surprise, it’s not high). But when you open your textbook, you see a lot of weird symbols and theorems. Those weird symbols are part of set theory. There are some essential parts of set theory that you should […]

## Introduction to Probability and Statistics

How likely are you to flip a coin and it lands on its edge? How likely is that you wear a blue shirt today? Best of all, how likely is it that I can taste the difference between coffee poured into cream versus cream poured into coffee? Provided we have the right information, probability and […]

## Simulation Statistics Explained

Sample size is super important in statistics. It is hard to make a generalization about behavior from one person. For example, I like horror books, but that doesn’t mean everyone does. And sometimes it is just too impractical to run experiments to collect data, like rolling a die 500 times. To get around this problem, […]

## What is conditional probability?

A conditional probability is one in which some condition has already been met. For example, if you know that it’s raining (the given condition), the probability of your baseball game getting cancelled increases. In this article, we look at conditional probability in depth.