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Probabilty Assignment Help
Probability is one of the tools we use in our day to day activities. It uses a number which ranges from 0 to 1, where 0 denotes an event which cannot occur and 1 an event that is certain to occur. The following rules apply in probability:
- One event or another must occur
- Two or more events can occur simultaneously
A classical probability approach is based on considerations of symmetry and logic. It relies on the assumption that the outcomes have an equal likely chance of occurring. For example, when a coin is tossed there are equal chances of it landing on the head or tail. This approach originated from the games of chances such as tossing a coin, throwing a dice and playing cards.
Probability is very vital owing to its application in the following fields;
- Weather forecasting
- Population index and life expectancy calculation
- Gaming and betting
- Financial market risk assessment
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