Probability and the ability to understand and estimate the likelihood of any different combination of outcomes versus one another are very important in day to day life. There are a number of different types of activities people engage in that involve probability and chance whether they realize it or not. Some of these activities involve things like being late for work, saving money or signing up for a class.
Know MoreProbability and chance both study the possibilities of different things happening based on a few known factors. Often, scientists, mathematicians and statisticians attempt to use idealized models of the real world to predict the behaviors and outcomes of certain people and scenarios. These can be used to try and understand probability in daily life. Almost every possible activity or outcome has a probability. For example, someone might wonder about the probability they will get a high enough grade on a test they have taken or if they will be accepted for a job they applied for. Some people worry about the probability that their bus or train might be late and make them late for work or the probability that the interest rates at their banks will go down. Some of these things can be modeled and estimated effectively with probability and statistical methods.
Learn more about StatisticsThe probability union is the chance of two or more events occurring whether they are mutually exclusive or not. Events are mutually exclusive when there is no crossover between all the different possibilities, and if so, then the addition rule can be used to find the probability union. However, if the events are not mutually exclusive, then the intersection, or common ground, needs to be removed.
Full Answer >In probability, disjoint events are mutually exclusive, meaning that if one of the possible disjoint events occurs, the other cannot occur. For example, when a driver reaches an intersection, she may turn left or right, or go straight, but may not turn and go straight. Turning and driving straight are therefore disjoint events.
Full Answer >Probability, or the mathematical chance that something might happen, is used in numerous day-to-day applications, including in weather forecasts. For example, a weather forecast that predicts a 75 percent chance of snow is using probability to communicate that people should be prepared to deal with snowy conditions.
Full Answer >The theoretical definition of probability states that if the outcomes of an event are mutually exclusive and equally likely to happen, then the probability of the outcome "A" is: P(A) = Number of outcomes that favors A / Total number of outcomes. For example, there are two possible outcomes when a coin is tossed in the air, and the probability of the coin landing on a head or a tail is equal to 0.5.
Full Answer >