whwtis the use of Probability in real life ? plese do not mention dice or heds and tails.
The concept of “Probability” is widely used in everyday life. You can see the applications of probability in the following ways:
- Probability theory is applied in everyday life in risk assessment and in trade on financial markets.
- Governments apply probabilistic methods in environmental regulation, where it is called pathway analysis.
- The gamblers use the concept of probability to set the price of a particular team or a particular player based on their previous performances.
- Another significant application of probability theory in everyday life is reliability. Many consumer products such as automobiles and consumer electronics use reliability theory in product design to reduce the probability of failure. Failure probability may influence a manufacture's decisions on a product's warranty.
You will study the applications of probability in detail in higher classes.