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.

Table of Contents

Introduction

Part 1: The Certainty of Uncertainty: Probability Basics

CHAPTER 1: The Probability in Everyday Life

CHAPTER 2: Coming to Terms with Probability

CHAPTER 3: Picturing Probability: Venn Diagrams, Tree Diagrams, and Bayes’ Theorem

Part 2: Counting on Probability and Betting to Win

CHAPTER 4: Setting the Contingency Table with Probabilities

CHAPTER 5: Applying Counting Rules with Combinations and Permutations

CHAPTER 6: Against All Odds: Probability in Gaming

Part 3: From A to Binomial: Basic Probability Models

CHAPTER 7: Probability Distribution Basics

CHAPTER 8: Juggling Success and Failure with the Binomial Distribution

CHAPTER 9: The Normal (but Never Dull) Distribution

CHAPTER 10: Approximating a Binomial with a Normal Distribution

CHAPTER 11: Sampling Distributions and the Central Limit Theorem

CHAPTER 12: Estimating and Doing Hypothesis Tests with Probability

Part 4: Taking It Up a Notch: Advanced Probability Models

CHAPTER 13: Working with the Poisson (a Nonpoisonous) Distribution

CHAPTER 14: Covering All the Angles of the Geometric Distribution

CHAPTER 15: Making a Positive out of the Negative Binomial Distribution

CHAPTER 16: Remaining Calm about the Hypergeometric Distribution

Part 5: For the Hotshots: Continuous Probability Models

CHAPTER 17: Staying in Line with the Continuous Uniform Distribution

CHAPTER 18: The Exponential (and Its Relationship to Poisson) Exposed

Part 6: The Part of Tens

CHAPTER 19: Ten Steps to a Better Probability Grade

CHAPTER 20: Top Ten (or So) Probability Mistakes

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.