Chapter 5. Impossible or Improbable – A Gentle Introduction to Probability
Over the next few chapters, we will explore both probability and statistics as methods of examining both data-driven situations and real-world scenarios. The rules of probability govern the basics of prediction. We use probability to define the chances of the occurrence of an event.
In this chapter, we will look at the following topics:
- What is probability?
- The differences between the Frequentist approach and the Bayesian approach
- How to visualize probability
- How to utilize the rules of probability
- Using confusion matrices to look at the basic metrics
Probability will help us model real-life events that include a sense of randomness and chance. Over the next two chapters, we will look at the terminology behind probability theorems and how to apply them to model situations that can appear unexpectedly.
