Overview of Probability and Statistics: Concepts, Methods, and Applications

Probability theory studies the likelihood of an event to occur. This review paper provides a summary of the concepts of probability and statistics. It discusses the evolution of probability theory from its origins to the transitions it has undergone to help scholars better understand and apply it. The paper further discusses theories by some scholars and their significance and relevance. It emphasizes the importance of statistics and probability as methods that can be applied in scientific research, public policy, finance, and daily decision-making to make predictions from data. Finally, the paper makes recommendations on the need for developing better statistical methods and algorithms in the wake of big data. It also predicts that machine learning and artificial intelligence innovations will benefit data analysis and influence how data is understood and processed.