Applications of Probability in Real Life
Various application of the probability that we observed in our real life is,
- Weather Prediction: Metrological department observes the trends from data over many years to predict the weather.
- Exit Polls: Exit polls are carried out to get an idea of the chances of winning candidates.
- Strategic Planning: Businessmen study sales trends in a period of time to predict future sales. This helps them to plan strategically to provide them with more profits.
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Chance and Probability
Chance is defined as the natural occurrence of any event without any interference, we can also say that the possibility of any event is the chance of the event, and mathematically we define the chance as the probability of an event.
Probability refers to the likelihood of the occurrence of an event. The event may or may not occur. For example, we have some of the real-life statements which we hear in our daily lives:
- My uncle may visit us today
- There is a good chance that it may rain tomorrow
- The school may probably take us to a picnic in June
- Schools may reopen in March
These daily life statements use terms like ‘probable’, ‘may’, ‘has a good chance’, ‘likely’ etc., so it is clear that there is no surety of occurrence, it may occur, or it may not occur, so this is called chance. In other words, a chance is a possibility of something happening. And in mathematics, probability is known as chance. Chance and Probability is an important topic for Class 7 and Class 8 students.
In this article, we will learn about, Chance, Probability, Formula of Probability, and others in detail. The concepts of probability are frequently used in Statistics, engineering, data science, and hypothesis testing.
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