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Assigning and Interpreting Probabilities

In this video, Adrian Gepp discusses how we assign probabilities and interpret them.

We should now have a broad understanding of the different ways we can assign probabilities to events as well as what those probabilities mean.

You’ll likely most often be working from the empirical approach for assigning probabilities, though in some examples the classical approach may be appropriate. In general, we try to avoid the subjective approach unless we cannot apply either of the other two, as it’s harder to defend.

Now that we have a basic understanding of what probabilities are and how we assign them, we are now ready to jump into using them. In the next activity we’ll demonstrate how we can work out the probabilities of different combinations of events. See you there!

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Data Analytics for Decision Making: An Introduction to Using Excel

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