The importance of probability and statistics can be found in many business aspects. For example, a loan officer at a bank is going to need to analyze statistical data to determine the feasibility of a loan on a house in a given area. Scientists use probability and statistical data when performing experiments. It is also used in astronomy to calculate where a given star will be at a given time based on past statistical data.
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Lengendre was the one who introduced the importance of probability to statistics.
Probability is the theoretical basis that underpins statistics.
Probability is related to statistics in a direct manner. When one is doing a research for statistics, probability has to be used especially in sampling a small region.
what is the importance of statistics?
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