Probability theory is a crucial subject that we can study at various mathematical levels. Probability is the basis of Statistical theory and its applications. Probability is used to define random or chances of events to occur. Every day we are challenged with probability statements involving the words. Mathematically, probability is the possibility that something might occur. It is used in many applications of our daily existence, including weather forecasts, player statistics, sports strategies, insurance claims, games and recreational activities, executing business, etc. Another vital application of probability theory in daily life is reliability. Chance and the ability to understand and determine the likelihood of any diverse combination of outcomes versus one another is significant in real life.
Probability and statistics are closely connected because statistical data are generally analyzed to comprehend whether conclusions can be drawn legitimately about a distinct phenomenon and make forecasts about future events. Thus, early election results are analyzed to understand if they conform to predictions from polls which are conducted before the election and predict the election’s outcome. This is one of the most commonly observed situations in the day-to-day. However, we have different distributions, such as binomial distribution, to analyze and interpret the data. Besides, we can apply several formulas and techniques of probability to get the desired results while dealing with real-life scenarios. For example, permutation and combination rules and procedures are beneficial for answering probability problems.
In the twenty-first century, probability is used to control traffic flow through a telephone interchange, a highway system, or a computer. Also, we can estimate the spread of rumours and predict the rate of return in high-risk investments with the help of probability techniques. For example, when we get anything insured, we investigate which insurance policy would be appropriate depending on our usage, the chances of loss, and feasible recovery.
As we know, we can apply probability while deciding medical-related issues. For example, when patients are advised to undergo surgery, they generally want to identify the operation’s success rate. This rate is nothing but a probability rate. This rate can be calculated using the Bayes theorem. Based on the same, the patient decides whether or not to go ahead with the same. Besides, weather forecasting is one of the essential applications of probability. This can be observed in our daily existence whenever we plan to go for a tour, an outing, or picnic. In this case, we generally tend to know the weather forecast to decide whether to proceed or cancel the program. For example, assume it asserts that there is a chance of raining on that particular day is eighty percent. To estimate these weather forecasts in terms of percentage, Meteorologists use a unique tool and technique. First, they study the historical databases of some days, which have a similar temperature, pressure, humidity, pressure, and other relevant factors. Then, finally, they conclude that on eighty out of a hundred similar days in the earlier period, it had rained.
Apart from the above specified scenarios, we can observe that the applications of probability include games such as flipping a coin, throwing dice, drawing cards, selection of objects from the specified sample space, etc. Thus, whenever we examine the chances for the occurrence of an event, we are applying the concept of probability knowingly or unknowingly.
