Probability-The Engine of Inference
What you'll learn
- Define key concepts of probability, including randomness, sample space, and event probabilities.
- Explain the relationship between probability and statistics and how probability is used to make inferences about populations.
- Apply probability principles to solve real-world problems, such as calculating expected outcomes and making decisions under uncertainty.
- Analyze situations involving risk and uncertainty, and determine the likelihood of various outcomes.
- Evaluate different probabilistic models and assess the validity of inductive reasoning in various contexts.
- Create structured decision-making processes that incorporate probability to manage uncertainty in practical scenarios.
Requirements
- Basic Math Skills: Students should have a foundational understanding of algebra, including working with fractions, percentages, and solving simple equations.
- Logical Thinking and Problem-Solving Skills: Students should be comfortable analyzing problems and thinking critically to apply mathematical concepts to real-world scenarios.
- Interest in Data and Decision-Making: A curiosity about how probability and statistics apply to everyday situations and decision-making processes will enhance the learning experience.
Description
Dive into the world of probability and statistics in this dynamic course that explores the mathematical foundations behind decision-making under uncertainty. Beginning with the basics, we define probability as a measure of likelihood and its relationship to statistics. The course delves into key concepts like inductive reasoning, where generalizations are made from specific data points, and introduces probability as the driving force behind statistical inferences.
Through engaging with real-world examples and thought experiments, students will uncover how our intuition can mislead us in situations involving randomness and learn the significance of experiments and trials in estimating probabilities. The course also introduces Pascal’s Wager, using it as a springboard to explore expected value, and guides students through concepts such as complementary, independent, and mutually exclusive events.
A major focus is placed on understanding sample spaces and event probabilities to predict outcomes, and the role of the expected value in evaluating risks. Finally, the course explores the central limit theorem, showing why larger sample sizes yield more reliable results in both theory and practice. By the end of the course, students will be equipped with the tools and confidence to apply probabilistic thinking and statistical analysis to complex, real-life problems, offering a fresh perspective on how numbers drive the future. This course is ideal for those seeking to understand how probability informs decisions in everything from games of chance to critical life choices.
Who this course is for:
- Students and Lifelong Learners: Anyone curious about understanding how probability and statistics shape decision-making and predictions in everyday life and various fields.
- Professionals in Data-Driven Fields: Individuals working in industries such as finance, business, economics, marketing, or healthcare who want to improve their ability to assess risk, forecast outcomes, and make data-driven decisions.
- Aspiring Data Scientists and Analysts: Those looking to build a strong foundation in probability as a key component of statistical analysis, machine learning, and data science.
- Educators and Teachers: Teachers and educators who want to deepen their understanding of probability to improve their teaching methods and explain complex concepts to students.
- General Enthusiasts: People interested in mathematics, logic, and problem-solving who want to explore the fascinating world of probability and how it informs everything from games of chance to critical decisions.
Instructor
- 4.4 Instructor Rating
- 58,297 Reviews
- 975,847 Students
- 163 Courses
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.