Probability: A Fundamental Tool of Statistics
There is sometimes confusion over the distinction between probability and statistics. While both may use probabilistic models, one useful point of separation is in the purpose of the application. Probability is concerned with the characteristics of outcomes that are generated by a chosen model, whereas statistics is concerned with the characteristics of models that might have generated an observed outcome. In other words, they may be looking at the same experimental situation but from opposite directions.
KeywordsProbability Distribution Sampling Distribution Independent Random Variable Joint Probability Distribution Discrete Random Variable
Unable to display preview. Download preview PDF.