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Probability and statistics are branches of mathematics that deal with the study of uncertainty, randomness, and data analysis. Probability focuses on quantifying uncertainty and likelihood, providing a framework for understanding chance and randomness in various events.
It involves concepts such as random variables, probability distributions, and the laws of probability. Statistics, on the other hand, involves collecting, organizing, analyzing, interpreting, and presenting data. It includes techniques for making inferences about populations based on sample data, estimating parameters, and testing hypotheses.
Together, probability and statistics play a crucial role in fields like science, finance, economics, and social sciences, enabling informed decision-making by providing tools to model uncertainty and draw meaningful conclusions from data.