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Probability: The Mathematics of chance

March 21, 2016 | Author: | Posted in mathematics, mathematics and economics

Probability : The Mathematics of Chance

Probability Defined

Probability is a division of the study of mathematics which focuses on the relative rate of recurrence of a certain event . In layman ‘s terms probability is the likelihood or the chances of success that a certain incident or event would happen . Probability is best defined using actual situations . Taking the most common one , such as throwing the dice , as an illustration , the probability that the person throwing the dice would get the number 6 in a single throw is simply , one out of six [banner_entry_middle]

br The dice has six sides , and each side corresponds to a certain number Getting the number six is equally probable as getting the other numbers The instance of getting a particular number , in a mathematical point of view , is called an event

If mathematics is integrated into the definition of probability , its simple equation is this :

(E N (s / N (t . This equation shows that the probability in which a certain event will occur is equal to the number of ways that that event can happen divided by the all other possible events which may also occur

Probability Models

Probability models are the exact demonstration of a casual occurrence A probability model is the constructed in a sample space , with the events inside that sample space and the chances that those events will occur . Breaking it down further , sample space is the set of all the possible outcomes of a certain event or experiment (Hsu 1 . As an illustration , if two coins are flipped at the same time , the sample space of that event is as follows : two heads , two tails , a tail and a head , and a head and a tail

Events are defined as the elements inside this sample space . So using the same example , you have four events that are likely to occur . Looking at it closer , an event is simply , a subset or a component of the sample space

To successfully outline a probability model of this example , it is necessary to define the likelihood or the chances that a certain event will occur in the sample set as defined . The probability that the person who flipped the coin will get 2 heads is ? or 25 , applying the simple probability equation above . The chance that he person will get 2 tails is also the same at 25 . The probability that he will get a head and a tail is at ? or at 50 , because in the sample space shown , there are two instances of a head and a tail outcome

Probability Rules

The mathematics of probability follows three basic rules . The first rule is that the probability value to derive at is always a positive integer Still using the equation above or even rational thinking alone , one would never get a negative number when computing for probabilities . A probability of a certain event will occur is always lower than one which is also the reason why it is set to a percentage format… [banner_entry_footer]

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