Probability and Binomial Distributions

probability

law of total probability

Frequentist View AKA Long-run frequency

As N increase toward infinity, true probability will converge to the model

Name a pro of long-run frequency

an objective measurement

Name a con on long-run frequency

can't make probability statements of a single event

bayesian view

subjective probability

subjective probability

probability of even as the "degree of belief" that an intelligent an rational agent affigns to that truth of that event

Pro of Bayesian View

you get to assign probabilities to any event you want to, they don't need to be repeatable

Con of Bayesian View

cannot be purely objective

probability distributions

5 main probability distributions

binomial, normal, t, chi-square distribution, and F

binomial distribution

a theoretical distribution of the number of successes in a finite set of independent trials with a constant probability of success

Normal Distribution

the bell curve and gaussian

probability densities