Description
Although it may not be apparent, people plan their lives based on probability. For example, if you are planning to go to the beach on Saturday, you might review the weather report to see what the chances of rain are. What is a real-life situation in which you use probability-- the chances of an event occurring-- to make plans or decisions? Explain in detail why estimating the chances of the event occurring or not occurring is critical.
should be 250-500 words
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Real life applications of probability
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Real life applications of probability
Probability theory is a vital subject often studied at different levels of mathematics.
Essentially, the field is considered as the primary foundation of statistical theory and its
applications. In statistics, probability is described as the chance of obtaining a certain outcome
among a list of possibilities (Skorokhod et.al, 2008). The concept is used widely on a daily basis
in the determination and description of the likelihood of events oc...
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