Probability means the chances that an event would occur. Every day, we come across numerous situations where we use the concepts related to this mathematical technique. People use many terms for probability such as likelihood, odds, percentage, and proportion. But the core definition of probability is the long-term chance that a certain outcome will occur from some random process. Probability theory is applied to everyday life. Here we have shared some of its real life usage:
Till date, meteorologists could not find a device that would foretell the exact weather condition. So, they use the data retrieved from satellite pictures, barometers, and thermometers to predict exactly what the weather will be. For example- if under a certain temperature, pressure, humidity, and wind speed, it rained 60 times out of the previous 100 times, then there is a 60% chance of rain. So, you can consider taking your umbrella to work and wearing close-toed shoes instead of sandals. Meteorologists also examine old databases to forecast the climatic conditions in the coming week or month.
Coaches and athletics use probability to determine the best strategies for their games. A cricket coach evaluates players’ batting average when placing them in the lineup. For example, a player with the highest score is given the chance to play first on the field. Similarly, at the time of bowling, players’ average bowling speed and techniques to get wickets are used for deciding which bowler will work the best with a particular batsman.
Probability plays an important role is deciding which insurance policy is suitable for a particular person. For instance, if more than 50% of individuals of your age and income status, opted for a housing policy, then the likeliness is that it will be suitable for you too.
Investment is the most important decision for any business whether it's small or large. Before investing in something, a manager studies the data and records about that particular sector and uses probability to measure the risks involved in it.
Journalists predict the winner for an election on the basis of data collected about the political parties, their previous records, and their respective campaigns. They also use historic political databases to analyze the likeliness of a party becoming a winner. And, if a political party in the past failed to attract voters under similar circumstances, then the chances are that the party will lose.
We use the concepts of probability while playing the card games and video games. We all weigh the odds of using a particular card while playing Rummy or poker. Probability helps us assess what's at stake and determine what strategy should we follow to win.
These were some everyday usage of probability techniques. Apart from them, it is also used in many other fields such as medical practices, data analysis, budget making, designing scientific models, etc. With a good command of probability, you can become a good decision maker. So, try to understand and learn its concepts. However, if you are facing any sort of problem in doing this, then seek help from the probability assignment help experts working with us. They are well versed in all the concepts of this topic and will help you solve even the toughest problems.