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Probability, statistics, and risk modeling are interconnected fields that focus on understanding uncertainty, analyzing data, and making informed decisions under varying conditions. Probability provides the mathematical foundation for measuring the likelihood of events, while statistics involves collecting, organizing, analyzing, and interpreting data to uncover patterns and draw conclusions. Risk modeling builds on these concepts by using quantitative methods to assess potential risks, forecast possible outcomes, and support decision-making in areas such as finance, insurance, engineering, and public policy. Together, these disciplines enable individuals and organizations to evaluate uncertainty, minimize negative outcomes, and optimize strategies in complex and uncertain environments.
This lecture is part of CYB204 Applied mathematics in cyber in the Cyber Security department. The course has 15 recorded lectures across 5 series, all free to watch.