Data Science and Machine Learning (Theory and Projects) A to Z - Probability Versus Statistics

The video tutorial explains the concepts of probability and statistics, highlighting their differences. Probability is described as a theory and a numerical value between 0 and 1, used to predict future events. Statistics, on the other hand, involves analyzing past data to derive rules and patterns. The tutorial emphasizes the timeline perspective, where statistics look back at data to form rules, and probability uses these rules to predict future events. The distinction between the two is important, although they are often used interchangeably.

How do probability and statistics work together in predicting future events?

What is the significance of looking backward in statistics?

In what ways are probability and statistics often used interchangeably?