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probability

Probability is a mathematical field that measures the likelihood of events, ranging from 0 (impossible) to 1 (certain). It has theoretical and empirical applications across various domains such as insurance, medicine, gaming, and finance, aiding in decision-making under uncertainty. The probability of an event can be calculated using the formula P(A) = Number of favorable outcomes / Total number of outcomes.

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3 views

probability

Probability is a mathematical field that measures the likelihood of events, ranging from 0 (impossible) to 1 (certain). It has theoretical and empirical applications across various domains such as insurance, medicine, gaming, and finance, aiding in decision-making under uncertainty. The probability of an event can be calculated using the formula P(A) = Number of favorable outcomes / Total number of outcomes.

Uploaded by

sodranifyo
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Probability
Probability is the branch of mathematics concerned with measuring the
likelihood of events occurring. It is foundational in fields like risk
assessment, game theory, statistics, and finance. The probability of an
event ranges from 0 (impossible) to 1 (certain). If all outcomes are equally
likely, the probability of an event A occurring is calculated as:
P(A) = Number of favorable outcomes / Total number of outcomes
For example, if you roll a six-sided die, the chance of getting a 4 is:
P(4) = 1/6 ≈ 0.1667
Probability can be theoretical (based on known possible outcomes) or
empirical (based on observed data). There are also compound events
where multiple outcomes are considered, and conditional probability,
which calculates the likelihood of an event given that another has already
occurred.
A practical example:
A weather forecast might say there's a 70% chance of rain tomorrow. This
doesn’t mean it will rain in 70% of the area, but that there's a high
probability (based on data models) that rain will occur.
Applications of probability include:
 Insurance: assessing the risk of events (e.g., accidents)
 Medicine: determining the likelihood of treatment success
 Gaming: designing fair or challenging games
 Finance: predicting market behavior
Understanding probability helps in decision-making, especially when
outcomes are uncertain.

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