Introducing Probability

Probability is about mathematically determining how likely an event is to happen. Probability can be applied to many different aspects of our lives and help us make informed decisions.

Respond to the following in a minimum of 175 words:

(1)-Discuss the concept of probability, including the notion of an experiment, outcomes, and sample space. How can each of these be useful to us?
(2) -Describe an example from your own personal or professional experiences where you are focused on obtaining a specific, desired outcome. Evaluate what the ideal experiment, outcome, and sample space are for that situation.

ANSWER

The Concept of Probability

Probability is a branch of mathematics concerned with the likelihood of an event to occur. For instance, before rolling dice, one would not know the result. Rolling dice is an example of a random experiment since the result is uncertain. A random experiment produces a definite outcome that cannot be predicted with certainty (Saraswathi et Al.2017). The result of a random experiment is referred to as an outcome, while the set of all possible outcomes is sample space. In a random experiment of tossing a coin, the result can either be heads or tails; hence, the sample space is denoted as S = {heads, tails} (Saraswathi et Al.2017). While attempting to find out the number of iPhones that Apple sold in a specific year, the sample space can be S = {0,1,2, 3…}. These concepts play a vital role in assisting individuals in making decisions when there is uncertainty of outcome.

When trying to analyze the best candidate to vote for in an election, I applied the concept of probability. The election was a random experiment since out of the four candidates vying for the position A, B, C, and D, either of them had a chance to win; however, I could not predict the winner with certainty. The sample space was S = A, B, C, D, representing all possible election outcomes. Finally, any potential winner from the four candidates on the sample space was the outcome. Probability is applied in different fields to solve day-to-day problems, for instance, in issuing medical insurance. An alcoholic person will pay more since they have a higher health risk than a non-alcoholic, hence ensuring them has a greater financial risk. Also, sports strategists and analysts use probability to predict the outcome of a team’s performance and players.

References

Saraswathi , C., Moulali, S., & Nagamani, A. (2017). The Real-Life Applications of Probability   in Mathematics. International Journal of Management and Applied Science, 3(4), 62-64.

http://www.iraj.in/journal/journal_file/journal_pdf/14-358-149822091462-64.pdf