In life, there are things that would happen by chance or by luck out of nowhere. For example, the chances of one getting two sixes on two dices after rolling them would depend on a stroke of luck or a random happening. Of course in order to mathematically solve these types of issues, the fundamentals of probability theory would be coming in.
Now the probability theory is the branch of statistics that deal with the analysis of these random happenings. Basically, the concepts dealt here would be tackling how to solve the chances of a certain event happening or not happening using some math formulas and computations. It is actually possible to calculate these chances.
Now this branch of statistics was first made popular by none other than mathematician Blaise Pascal. Before he created mathematical formulas in order to deduce events, people relied on their past experiences in order to come up with conclusions on why a certain random event has happened. Of course with the introduction of equations and calculations, one can now predict the outcome of an event without past experience.
Now the most fundamental idea which is the foundation of this whole theory is the idea that every outcome has an equal chance of happening. Now if one would take a die and throw it in the air, then he would expect that all numbers would have an equal chance of popping out. Of course one does not include outside factors that cannot be controlled.
This is known as objective probability as it takes into account only of objective equations that would predict the outcome of an event. As stated above, this does not take into consideration the past experience of one who is trying to figure out the outcome of an event. This means that the prediction is purely mathematical with no consideration for opinions.
Of course if there is the objective theory, then there is also the subjective one which is the complete opposite of the objective one. Basically, the main gist of this principle is that the mathematical formulas are not always accurate. So in other words, the predictor will be including all of his past experiences, previous knowledge, and other opinions while making some minor computations.
There is also the concept of relative frequency which focuses on the ratio of the chance of the event happening as compared to the number of times it could have happened. This means that if one would want a certain random event to happen, then it has to be done many times first before it actually happens. People who support this concept believe that there is no definite chance of the happening.
So as one can see, there are a lot of ways one can approach the art of probability so that he may predict a certain outcome of a situation. Now these concepts will not exactly show a person what outcome will happen but it will narrow down the possible outcomes to just a few possibilities. This way, one will be able to know what the best outcome to choose would be.
Now the probability theory is the branch of statistics that deal with the analysis of these random happenings. Basically, the concepts dealt here would be tackling how to solve the chances of a certain event happening or not happening using some math formulas and computations. It is actually possible to calculate these chances.
Now this branch of statistics was first made popular by none other than mathematician Blaise Pascal. Before he created mathematical formulas in order to deduce events, people relied on their past experiences in order to come up with conclusions on why a certain random event has happened. Of course with the introduction of equations and calculations, one can now predict the outcome of an event without past experience.
Now the most fundamental idea which is the foundation of this whole theory is the idea that every outcome has an equal chance of happening. Now if one would take a die and throw it in the air, then he would expect that all numbers would have an equal chance of popping out. Of course one does not include outside factors that cannot be controlled.
This is known as objective probability as it takes into account only of objective equations that would predict the outcome of an event. As stated above, this does not take into consideration the past experience of one who is trying to figure out the outcome of an event. This means that the prediction is purely mathematical with no consideration for opinions.
Of course if there is the objective theory, then there is also the subjective one which is the complete opposite of the objective one. Basically, the main gist of this principle is that the mathematical formulas are not always accurate. So in other words, the predictor will be including all of his past experiences, previous knowledge, and other opinions while making some minor computations.
There is also the concept of relative frequency which focuses on the ratio of the chance of the event happening as compared to the number of times it could have happened. This means that if one would want a certain random event to happen, then it has to be done many times first before it actually happens. People who support this concept believe that there is no definite chance of the happening.
So as one can see, there are a lot of ways one can approach the art of probability so that he may predict a certain outcome of a situation. Now these concepts will not exactly show a person what outcome will happen but it will narrow down the possible outcomes to just a few possibilities. This way, one will be able to know what the best outcome to choose would be.
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