Use of probability in different types of criteria
Tossing a coin will result in a head or tail. It is easy to predict the outcome. What if you throw two coins at once? You can get a combination of tail and head. Furthermore, the correct answer is not possible in the latter case. Therefore, only one can predict what the result might be. This prediction is called Probability.
Probability is used widely in every aspect of our daily lives, including sports, weather reports, and blood samples. It can also be used to predict the sex of the baby while in the womb, congenital disability, statics, among others.
What is probability?
Probability is the probability of an event occurring.
Application of Probability
- Probability can be used to predict the outcome of events.
- Flipping a coin.
- Choose a card from the deck.
- Throwing a die.
- A bag of red candy is used to pull out a green candy.
- One in many million people will win a lottery.
Probability in Mathematics
Al-Khalil was a middle east mathematician who wrote the Book of Cryptographic Messages. It demonstrates the first use of permutation to combine all Arabic words without or with vowels. This was the earliest form possible of statistics and probability.
It is a mathematical branch that shows how likely an event could be. A number between 0 & 1 is the likelihood that an event will occur. 0 means it is unlikely, and 1 means it is certain.
Real-Life Examples of probability
A probability forecast is a prediction of the likelihood of an event in terms of its probability and record of the weather risks. Furthermore, Meteorologists use different tools and instruments to forecast weather changes around the globe. Moreover, they use the global weather forecast database to predict weather conditions and temperature changes for any given hour, day, or week.
If there is a 40 % chance of it raining, then the weather conditions are such that 40 days have passed without it raining.
Analyses of sports are done using probability to determine the strengths and weaknesses of players or teams. To predict the outcome of a sport’s members and team’s performance, analysts use odds and probability.
Probability is a tool that coaches use to determine the strengths and weaknesses of their team. Trainers use it to determine the ability of a player on their team and to decide when and against whom to allow him to play.
Before a player is placed in the team, a cricket coach assesses his batting and bowling abilities by looking at his past matches.
Insurance companies use the theory or theoretical to frame a policy and complete it at a premium rate. Furthermore, the theory of probabilities is a statistical method that predicts future outcomes.
An alcoholic person’s health insurance policy is more costly than one for a healthy person. In addition, a statistical analysis has shown that regular alcoholics pose high health risks. Therefore, insurance for them is highly expensive due to the higher likelihood of developing serious illnesses and therefore the need to file a claim for premium money.
Gambling, blackjack, poker, and all other sports, board games, and video games use probability as a way to determine how likely a person or team is to win.
It’s the study of mathematical representations of strategic relations among analytical outputs. In addition, it is used in logic, computer science, and system science. Furthermore, John Von Neumann published “Theory of Games, Economic Behaviour” in 1944. Brouwer’s fixed-point theorem on the continuous map into compact convex sets was proved by Von Neumann, which is the standard method of game theory.
Game theory: Application of portability
- Economics and business: Economists employ game theory to analyze economic competition as well as phenomena like bargaining, voting theory, and auction. In addition, game theory is used by executives, investors, managers, and entrepreneurs in business to plan investments, launch new products, or enter new businesses. Each player must consider what their opponent did and then plan the next strategy.
- Game theory is used in politics to analyze conflicts between individuals, companies, and states. It’s also used to analyze political affairs, war strategies, and voting.
- Philosophers use game theory to understand various aspects of philosophy.
- Biology: It’s used to analyze abnormal natural phenomena in biology.
Probability is a key part of our day-to-day lives. In addition, Weather forecasts, gaming strategies, buying and selling insurance, online shopping, online games, analyzing political strategies, and determining blood groups are all examples.