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The probability of a given event is an expression of the possibility of occurrence of an event. A probability is a number that ranges from 0 to 1. Zero for an event that cannot occur and 1 for an event that is assured to occur. The joint probability of events occurring can be calculated based on the type of events. These events are with respect to each other - Independent events, mutually exclusive events, conditional probability, not mutually exclusive events, inverse probability, and many more.
In other words, we say probability and statistics are so fundamentally interrelated with each other. It is challenging to discuss statistics without an understanding of the meaning of probability. Today, it has become one of the essential tools of statistics. Q: Suppose that you have 10 marbles in a bag: 6 are blue, 2 are green, 1 is yellow, and 1 is red.
Find out the probability of how many times the blue marble gets picked? Solution: Number of ways it can happen: 8 there are 8 blues Total number of outcomes: 10 there are 5 marbles in total. Q: Suppose that you have rolled the two six-sided dice.
Find out the probability that the sum of the two dice is seven? Solution: The best and most effective way to solve this problem is to take the help of the table given above. Look at this in each row; there is one dice roll. Where you can see the sum of the two dice is equal to seven. Since we have the six rows, so there are six possible outcomes where we have the sum of two dice is equal to seven.
It is the number of total possible outcomes remains When the event E has only one sample point of a sample space. Then it is called a simple event. Besides, this is the event that consists of precisely one outcome. As the name suggests, it is having more than one sample point on a sample space.
In other words, it involves combining two or more events thus it helps in finding the probability of such a combination of events. For example, suppose that you throw a die, the possibility of an even number appearing is a compound event because there are more than one even numbers on the dice , as there is more than one possibility, there are three possibilities i.
It is the probability where we are sure about the experiment to occur is a certain event. A certain event always holds the probability of 1. This type of probability applies to the event which cannot occur. In other words, there is no chance of the event to occur; this is known as an impossible event. This type of event holds the probability of 0. Here is the best example to elaborate on the impossible event. When you draw two cards from the deck, then there will be an impossible event that both cards are red and black.
In this kind of event, the outcome of the events is equally likely to happen.
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Macbeth by William Shakespeare. Probability is the interesting yet challenging subject that many people like to pursue. Probability is applied in every walk of our lives and the tasks that one does every day. The financial institutions and insurance companies will use various techniques involved in Probability to prepare strategies.
The profits made by insurance companies and stock market companies would totally depend on this subject. The informed decisions taken by the business magnates would be based on the probability techniques. Considering the importance of this subject, it has been added to the curriculum. Students are required to work on many assignments related to probability to secure good grades. Hence, they often need the help with Probability assignments and homework. There are different methods to do probability.
Each method is applied in different situations. By taking the help of experts, you can understand and also excel in different probability techniques and the applications. Classic probability : The best example of this method of probability is to toss a coin or roll a dice.
In this method, you have the chance to measure the probability every time when you toss a coin or roll a dice and easily take a right decision. Experiential probability : The number of trails which one can use to calculate the outcomes. This is also called as experimental probability. However, to do this kind of probability one should have lots of practice. Theoretical probability : This type of method is used to measure the chances of an event that may happen.
For example, if you are guessing that the dice would roll 1 or 2, then you should be able to give the probability of the outcome. This method is best to get into conclusion in no time. Subjective probability : This is totally different to the other probability methods. In this method, you do not have a chance to guess the number of times a particular event would happen, since this depends entirely on the individual feeling.
This cannot be measured, so you cannot calculate this probability. This depends totally on how a person would feel when an event would occur. This would be based on the knowledge of an individual. For example, if there is a soccer match going on, then the probability of winning or losing of a particular team in the game depends on the feeling of an individual.
Conditional probability : This type of probability will make use of the previous proofs to determine the probability of the event that is going to happen. This will use the past results to predict the future results.
By thoroughly examining the results that happened in the past, you can easily draw an analogy on the upcoming event. Basically, the probability will be applied in various fields, including gaming, weather forecasting, life expectancy, risk assessment in the financial markets, sports strategies and insurance policies.
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