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Deborah J. Rumsey
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Published:
November 20, 2024

Probability For Dummies

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Overview

Learn how to calculate your chances with easy-to-understand explanations of probability

Probability—the likelihood or chance of an event occurring—is an important branch of mathematics used in business and economics, finance, engineering, physics, and beyond. We see probability at work every day in areas such as weather forecasting, investing, and sports betting. Packed with real-life examples and mathematical problems with thorough explanations, Probability For Dummies helps students, professionals, and the everyday reader learn the basics. Topics include set theory, counting, permutations and combinations, random variables, conditional probability, joint distributions, conditional expectations, and probability modeling. Pass your probability class and play your cards right, with this accessible Dummies guide.

  • Understand how probability impacts daily life
  • Discover what counting rules are and how to use them
  • Practice probability concepts with sample problems and explanations
  • Get clear explanations of all the topics in your probability or statistics class

Probability For Dummies is the perfect Dummies guide for college students, amateur and professional gamblers, investors, insurance professionals, and anyone preparing for the actuarial exam.

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About The Author

Deborah J. Rumsey, PhD, is a Professor of Teaching Practice at The Ohio State University. Dr. Rumsey is a Fellow of the American Statistical Association, and the author of several For Dummies titles, including Statistics For Dummies and Statistics Workbook For Dummies.

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probability for dummies

CHEAT SHEET

Successfully working your way through probability problems means understanding some basic rules of probability along with discrete and continuous probability distributions. Here are some helpful study tips to help you get well-prepared for a probability exam.Principles of probabilityThe mathematics field of probability has its own rules, definitions, and laws, which you can use to find the probability of outcomes, events, or combinations of outcomes and events.
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When you work with continuous probability distributions, the functions can take many forms. These include continuous uniform, exponential, normal, standard normal (Z), binomial approximation, Poisson approximation, and distributions for the sample mean and sample proportion. When you work with the normal distribution, you need to keep in mind that it's a continuous distribution, not a discrete one.
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In probability, a discrete distribution has either a finite or a countably infinite number of possible values. That means you can enumerate or make a listing of all possible values, such as 1, 2, 3, 4, 5, 6 or 1, 2, 3, . . . There are several kinds of discrete probability distributions, including discrete uniform, binomial, Poisson, geometric, negative binomial, and hypergeometric.
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Probabilities come in many different disguises. Some of the terms people use for probability are chance, likelihood, odds, percentage, and proportion. But the basic definition of probability is the long-term chance that a certain outcome will occur from some random process. A probability is a number between zero and one — a proportion, in other words.
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The mathematics field of probability has its own rules, definitions, and laws, which you can use to find the probability of outcomes, events, or combinations of outcomes and events. To determine probability, you need to add or subtract, multiply or divide the probabilities of the original outcomes and events. You use some combinations so often that they have their own rules and formulas.
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Successfully working your way through probability problems means understanding some basic rules of probability along with discrete and continuous probability distributions. Here are some helpful study tips to help you get well-prepared for a probability exam.Principles of probabilityThe mathematics field of probability has its own rules, definitions, and laws, which you can use to find the probability of outcomes, events, or combinations of outcomes and events.
Read More
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If you're going to take a probability exam, you can better your chances of acing the test by studying the following topics. They have a high probability of being on the exam. The relationship between mutually exclusive and independent events Identifying when a probability is a conditional probability in a
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Remember the movie National Lampoon's Vegas Vacation, when gambling fever consumes Chevy Chase's character, Clark W. Griswold? He goes on a losing streak to beat all losing streaks while his son, Rusty, wins four cars by playing the slot machines. Maybe Clark would have done better if he had read Probability For Dummies.
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