Skip main navigation

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!

This article is from the free online

Data Analytics for Decision Making: An Introduction to Using Excel

Created by
FutureLearn - Learning For Life

Reach your personal and professional goals

Unlock access to hundreds of expert online courses and degrees from top universities and educators to gain accredited qualifications and professional CV-building certificates.

Join over 18 million learners to launch, switch or build upon your career, all at your own pace, across a wide range of topic areas.

Start Learning now