From the course: Everyday Statistics, with Eddie Davila

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Understanding probabilities

Understanding probabilities

From the course: Everyday Statistics, with Eddie Davila

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Understanding probabilities

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- [Instructor] There's a 40% chance of rain. A 60% probability a candidate will win the presidency. A 16.7% chance you'll roll a one with a six-sided die. A certain basketball player makes 75% of his free throws. And market analysts say there's an 80% chance the market will go up next year. Probabilities, we hear about them every day, in almost every facet of life. Sports, business, politics, weather, science, engineering. Everyone seems to want to know the odds but it's very important to remember, not all probabilities are created equal. For example, probabilities for a six-sided die are simple and unchanging. I want one outcome. There are six possible outcomes. One divided by six gives me 0.167 or 16.7%. But how about the basketball player? They've taken 80 free throws this season. 60 were successful. 20 were misses. A 75% free throw percentage but the player will continue to take free throws. This is…

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