Economists use it to keep our society stable financially. You likely bet your life that your doctor has a solid grasp of it. And professional gamblers couldn't rack up the dough without it.
We are, of course, talking about the study of statistics and attempting to "predict the odds." But is there a way to predict the odds of anything? Yes, and it's complicated. Entrepreneur and vlogger Hank Green explains in this new SciShow YouTube video how Bayesian reasoning can use stats to draw some downright surprising conclusions.
"Bayesian reasoning is the method by which you can determine the importance of a particular piece of information when trying to prove or disprove a hypothesis," Green says in the video.
Just watch the video above -- odds are you'll learn something!