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Probability Definition
The probability of a given event is an expression of the possibility of occurrence of an event. A probability is a number that ranges from 0 to 1. Zero for an event that cannot occur and 1 for an event that is assured to occur. The joint probability of events occurring can be calculated based on the type of events. These events are with respect to each other - Independent events, mutually exclusive events, conditional probability, not mutually exclusive events, inverse probability, and many more.
In other words, we say probability and statistics are so fundamentally interrelated with each other. It is challenging to discuss statistics without an understanding of the meaning of probability. Probability today has become one of the essential tools of statistics.
Types of Events
- Simple Event
When the event E has only one sample point of a sample space. Then it is called a simple event. Besides, this is the event that consists of precisely one outcome. For example: Suppose that you throw a die, the possibility of 5 appearing on the die is a simple event and it is given by E = {2}.
- Compound Event
As the name suggests, it is having more than one sample point on a sample space. In other words, it involves combining two or more events thus it helps in finding the probability of such a combination of events.
For example, suppose that you throw a die, the possibility of an even number appearing is a compound event (because there are more than one even numbers on the dice), as there is more than one possibility, there are three possibilities i.e., E = {2,4,6}
- Certain Event
It is the probability where we are sure about the experiment to occur is a certain event. A certain event always holds the probability of 1.
- Impossible Event
This type of probability applies to the event which cannot occur. In other words, there is no chance of the event to occur; this is known as an impossible event. This type of event holds the probability of 0. Here is the best example to elaborate on the impossible event. When you draw two cards from the deck, then there will be an impossible event that both cards are red and black.
- Equally likely Events
In this kind of event, the outcome of the events is equally likely to happen. For example when you toss a coin then there is always an equally likely event to get heads or tails.
- Complementary Events
In this kind of event, the outcome of the events is equally likely to happen. For example, when you toss a coin, then there is always an equally likely event to get heads or tails.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
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The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
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