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Do you use probability in your profession or real life? You most likely do. For example, the chance of rain tomorrow is 27%. We hear similar probabilities in the media all the time. Similar probabilities could be found in other professions. Complete **one** of the following:

(i) Find an example of probability involving “A or B” that is used in your chosen profession or real life. Explain the example. Are the events A and B in your example mutually exclusive? Which Addition Rule formula for P(A or B) applies? Be sure to cite the source of the information clearly.

(ii) Using a search engine, find an example of probability involving “A and B” that is used in your chosen profession or real life. Explain the example. Are the events A and B in your example independent? Which Multiplication Rule formula for P(A and B) applies? Be sure to cite the source of the information clearly.

(iii) Find an example involving conditional probability that is used in your chosen profession or real life. Explain the example. Be sure to cite the source of the information clearly.

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Running head: PROBABILITY AND HOW WE USE IT IN OUR LIFE

Probability and how we use it in our life

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PROBABILITY AND HOW WE USE IT IN OUR LIFE

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Probability and how we use it in our life

(iii) Find an example involving conditional probability that is used in your chosen

profession or real life. Explain the example. Be sure to cite the source of the information

clearly.

•

The advancement in technology has enabled the development of better mathematical

analytical tools, making probability a common mathematical principle applied in the

corporate sector, in government dissemination of services to the populace in many other

ways.

•

In the contemporary culture, probability is mainly presented as a percentage of

likelihood, which has invaluable benefits in shaping decision making.

•

As such, it has become a very common and unavoidable statistical formulae that has

many benefits when used to shape decision making.

•

The best example of conditional probability in application is when probability is used to

guide firms in producing products for a targeted market. Markets are usually elastic and

have a best case scenario as well as a worst case scenario, which necessitates the

application of conditional probability.

•

Companies that have had an impact on the planet must have accurate probability statistics

of expected sales volumes and product demand. Overproducing for a specific target

market could lead to losses to the company due to obsolescence of products. Equally

noteworthy is the fact t...

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