Probit

Okay kiddo, do you know what probability means? It's like a guess or estimation of what could happen. Now, there is something called probit, which is a way to estimate probability in statistics.

Imagine we have a bunch of data (like information about how many toys different kids have) and we want to figure out the probability of a certain outcome (like the probability of a kid having more than 3 toys). Probit helps us do this by using a special curve called the normal distribution curve.

This curve is like a hill shape that shows the probability of different outcomes. The highest point on the hill shows the most likely outcome, while the slopes on either side show less likely outcomes.

Probit helps us figure out which slope on the normal curve to use for our data. We can then use this information to make better guesses about what could happen.

So, in summary, probit is a way to estimate probability using a special curve and data. It helps us make better guesses about what might happen in the future.