What you’ll learn to do: Interpret (in context) a probability as a long-run relative frequency of an event.
Probability is a theoretical measurement of the likelihood of an event occurring. Building a solid foundation in probability helps us to better understand the data we collect in the real world and whether that data yields statistically surprising results. In statistical experiments and studies, we will estimate probabilities from collected data, and our interpretations and findings are based on probability concepts. In this next section, we begin building a solid foundation in probability and understand how to interpret a long-run relative frequency of an event.