Introduction to Probability Theory

Abstract

The field of “probability theory” is a branch of mathematics that is concerned with describing the likelihood of different outcomes from uncertain processes. Probability theory is the cornerstone of the field of Statistics, which is concerned with assessing the uncertainty of inferences drawn from random samples of data. Thus, we need to understand basics of probability theory to comprehend some of the basic principles used in inferential statistics. Before defining what the word “probability” means, I will introduce some terminology to motivate the need for thinking probabilistically.