8. Foundational Probability Concepts and Their Applications
By the end of this chapter, you will be familiar with basic and foundational concepts in probability theory. You'll learn how to use NumPy and SciPy modules to perform simulations and solve problems by calculating probabilities using simulations. This chapter also covers how to calculate the probabilities of events using simulations and theoretical probability distributions. Along with this, we'll conceptually define and use random variables included in the scipy.stats module. We will also understand the main characteristics of the normal distribution and calculate probabilities by computing the area under the curve of the probability distribution.