The Application of Probability Theory to Life

All human life consists of a series of certain events. Many events or phenomena are random and may or may not happen. It would be very useful to predict and track these events. The task of all sciences is to identify and study the regularities that govern real processes. In solving this problem, purchase go math first grade.

Consider a random event such as winning the lottery. The lottery is of great interest to the organizers, because it is aimed at making a profit. In order to get the planned income, it is important to set the price necessary to sell lottery tickets. Similarly, it is important for insurance companies to understand the exte

nt of the insurance claim in order to generate the right actual profit for the company. After all, overestimating a company’s profits can cause it to lose some market share, and underestimating them can lead to bankruptcy. In other words, economists need probability theory to guard against economic risks. Consequently, it is necessary to be able to study random phenomena and find their regularities. This is what probability theory does.

Probability theory is a mathematical science that studies the patterns of random phenomena. A random phenomenon is a phenomenon with an uncertain outcome, occurring when a certain set of conditions is repeatedly reproduced. You can learn about this from go math 2 grade.

The history of probability theory began in ancient times, but as an independent science it was formed relatively recently. Lucretius, Democritus, Callus and other ancient Greek scientists in their reasoning speak about equivalent possibility of event such as the possibility that all matter consists of molecules. Therefore, the concept of probability was used on an intuitive level, but was not attributed to a separate science. Nevertheless, the ancient scientists laid a good foundation for the emergence of this scientific concept. In the days when probability theory already existed, the first attempts at mathematical analysis, such as gambling, dice, rolls, and roulette, were adopted.

The basic concept of probability theory is probability. A synonym for the word “probability,” such as the word “chance,” is often used in everyday life. Probably everyone is used to the phrases “it will probably snow tomorrow,” “I will probably be home this weekend,” and “this is unbelievable. These types of phrases intuitively estimate the probability that some random event will happen. Mathematical probabilities provide a numerical estimate of the probability that a random event will occur.

Let’s return to the lottery example, but now consider it from the side of the lottery participants. Suppose the chance of winning a prize in an instant lottery is 10%. This probability means that in the long run (over a thousand tickets), 10% of all instant lottery tickets purchased for that game will win prizes and 90% will not. This does not mean that if you buy 10 tickets, one of them will automatically win. If you buy many sets of 10 tickets, on average 10% of your tickets win, but sometimes there are few winning tickets in a set of 10 and sometimes none at all. Winning tickets are mixed in with the total number of tickets. If you buy exactly 10 tickets, each with a 10 percent chance of winning, you can expect a high chance of winning at least one prize. But the probability of winning at least one prize with those 10 tickets is actually only 65%, and the chance of winning nothing is 35%.

There are many practical examples of the use of probability theory in life. Almost everything in modern economics is based on it. When a competent entrepreneur puts a particular product on the market, he considers the risks as well as the possibility of buying in a particular market or abroad. It is almost impossible for a world market broker to imagine his life without probability theory.

By estimating the possibility of a particular malfunction, such as a spaceship, one calculates how much effort should be expended to see what is thousands of kilometers away from Earth. Solar days per year, economic crises, potential nuclear wars-all can be expressed as a percentage of probability. And, most importantly, to take appropriate action based on the data. Calculated on the basis of probability theory with greatly improved statistics, any activity in any field can be analyzed.

People’s decisions are almost always emotional. For example, many people are afraid of flying on airplanes. But statistically, the most dangerous thing about flying is going to the airport. Driving cars is much more dangerous than flying an airplane. The probability of an airplane passenger dying in a plane crash is about 0.000000125%. The news talks about bird flu, swine flu, terrorism, and other threats to life, but the probability of these events is small compared to other seemingly minor events. Crossing the road in a crosswalk is far more dangerous than flying on an airplane.