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Unformatted text preview: support certain modelling conjectures, infer from them general conclusions and/or make decisions; • provide tools and methodologies for data analysis, which are ﬁrmly justiﬁed with the help of probability theory. 1 0.0.6 (Simpliﬁed) link between probability and statistics: Model probability→ Data Model statistics ←Data 0.0.7 Two schools of interpretation of “probability”: 1. Subjective — a measure of “chance” as perceived by a person, i.e. how likely that person “feels” that a designated event may occur. As more observed data are made available, one might adjust his/her perception from time to time to give the measure a more objective content. 2. Objective — a measure of chance from a frequentist viewpoint, i.e. longterm proportion of times that a designated event occurs if the observation process “were” replicated independently many many times. 2...
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 Fall '08
 SMSLee
 Statistics, Probability, Probability theory, Hong Kong Department, reallife random phenomena

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