Sometimes, people use Probability and Statistics interchangeable, similar to likelihood that we discussed in previous article.
Probability is purely theoritical of how likey and event can occur in the future and it does not require data
While Statistics, on the other hand does require data and uses it to discover probability and describe data.
Think of predicting the outcome of rolling 4 on a dice. Now if we approach the problem with purely on probability basis, we would say “Since there are 6 sides on a die and each side has equal chance. So the probability of getting a 4 is 1/6 or 16.666%.
But on the other hand, if we think like a statistician, then it is important to get the data, and it can only be created by performing the activity. So if we do 30 or more rolls and with each roll, then only we will get the data for the probability of getting 4.
This approach will seem silly if we think the die is fair, but what if it’s not.