Probability vs Statistics - How do you know which to use?

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Why is this course always called "Probability AND Statistics?" How do you know which one you need? How are they actually different?
In Probability, there are clear-cut rules to follow. Solve the equations dictated by the rules to determine the probabilities of certain outcomes.
In Statistics, collecting data is key. When you have a lot of data, you examine your observations and try to come up with the rules that could explain why you got those outcomes.

Both Probability and Statistics are essential in so many fields. One mentioned in this video is Quantitative Finance. You'll find our courses on socratica.com

???????????????????? ???????????????????????????? ????????????????????????: Our first finance course, Stock Options, is ???????????? ????????????????! Aspiring quants should use this link to enroll:
https://www.socratica.com/courses/stock-options

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https://www.socratica.com/pages/finance-courses

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