The word ‘probability’ or ‘chance’ is very commonly used in day-to-day conversation and generally people have a rough idea about its meaning.

**Probability**

The word ‘probability’ or
‘chance’ is very commonly used in day-to-day conversation and generally people
have a rough idea about its meaning. For example, we come across statements
like

“Probably it may rain tomorrow”;

“The chances of teams A and B
winning a certain match are equal”;

All these
terms – possible, probable, etc., convey the same sense, i.e., the event is not
certain to take place or, in other words, there is uncertainty about happening
of the event in question. In Layman’s terminology the word ‘Probability’ thus
can notes that there is uncertainty about what has happened. However, in
mathematics and statistics we try to present conditions under which we can make
sensible numerical statements about uncertainty and apply certain methods of
calculating numerical values of probabilities.

Galileo (1564-1642), an Italian
mathematician, was the first man to attempt quantitative measure of probability
while dealing with some problems related to the theory of dice in gambling. The
figure given below represents the basic concepts of probability.

Tags : Maths , 11th Business Mathematics and Statistics(EMS) : Chapter 8 : Descriptive statistics and probability

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11th Business Mathematics and Statistics(EMS) : Chapter 8 : Descriptive statistics and probability : Probability | Maths

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