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Statistics deals with the collection, analysis, interpretation, and presentation of data. Probability, on the other hand, is a mathematical tool used to study randomness and to measure the likelihood of an event. The two subjects link naturally. To calculate probability, we need data, which we get from statistics.

As coursework, Statistics & probability transcend boundaries. It is used in medicine, featuring heavily in trials of new drugs, and assessing risk factors. It also plays a role in social and natural science in experiments and observations.

In finance and investment, statistics and probability help in the evaluation of risk. Financial advisors and investment and risk analysts have all studied probability and statistics. That’s the knowledge they use to estimate and predict the risk involved in a business venture. They are also helpful as economic experts, advising the governments on the viability of different programs.

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#### References and Statistical Learning Materials

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