Questions of this type would be: If instead, we have no knowledge about the types of socks in the drawer, then we enter into the realm of statistics.
Statistics help us to infer properties about the population on the basis of a random sample.
This first round can now be treated as a fair game for this stake of 32 pistoles, so that each player has an expectation of 16.
Hence Games of chance such as this one provided model problems for the theory of chances during its early period, and indeed they remain staples of the textbooks.
” We can see the difference between probability and statistics by thinking about a drawer of socks. Depending upon our knowledge of the socks, we could have either a statistics problem or a probability problem.
If we know that there are 30 red socks, 20 blue socks, and 50 black socks, then we can use probability to answer questions about the makeup of a random sample of these socks.
If we do not have a random sample, then we are no longer building upon assumptions that are present in probability.
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Despite these practices and the common ground of the subjects, they are distinct.
What is the difference between probability and statistics?