Course 4 Probability Models
Probability models provide a mathematical framework for representing and analyzing uncertain events or systems. These models are fundamental in various fields, including statistics, finance, engineering, and science, as they allow for the formalization of random phenomena and predict outcomes under uncertainty. By using probability distributions, random variables, and stochastic processes, probability models help quantify uncertainty, assess risk, and make informed decisions. In this section, we will explore the key concepts and techniques in probability modeling, ranging from basic probability rules to advanced topics such as Markov chains and Bayesian inference, laying the foundation for more complex statistical analysis and applications.