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Probability is the underlying concept of inferential statistics and forms a direct link between samples and the population that they come from. In this chapter we will focus only on the principles and ideas necessary to lay the groundwork for future inferential statistics.
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Both odds and probabilities are calculated as ratios. To avoid confusion, we will always use fractions, decimals, or percents for probabilities, and we’ll use colons to indicate odds. The rules for simplifying fractions apply to odds, too.
Probability refers to the likelihood of an event occurring. It can be expressed as a number (0.5) or a percentage (50%). Statistical tests allow psychologists to work out the probability that their results could have occurred by chance, and in general psychologists use a probability level of 0.05.
Learn statistics and probability for free, in simple and easy steps starting from basic to advanced concepts. The field of statistics is concerned with collecting, analyzing, interpreting, and presenting data.
May 16, 2019 · This text does an excellent job covering almost all the topics that most people would cover in an introductory statistics course in the field of Psychology. It talks about central tendency, probability, hypothesis testing, t-tests, ANOVAs, chi-square tests, correlation, and regression.
Computing Odds. The ratio of the number of equally likely outcomes in an event E E to the number of equally likely outcomes not in the event E ′ E ′ is called the odds for (or odds in favor of) the event.
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The percentage of times you anticipate seeing a certain occurrence across many trials is the chance that it will happen. Probabilities are always in the 0 to 1 range. Odds are calculated by dividing the probability that an event will occur by the probability that it will not occur.