 |
| An Introduction to Probability |
An Introduction to Probability
Probability is a branch of mathematics that provides methods for calculating the chances that specific events will occur when random selection is involved.
Many tend to shy away from using the methods of probability because it involves computations. However, a basic knowledge of probability and statistics (probability’s close relative) is essential for following the developments in all branches of economics, science, and medicine, and for understanding many natural phenomena and games of chance. Clear thinkers need to grapple with the mechanics of probability. Avoiding probability is like avoiding vitamins. As more and more of the world’s knowledge is digitized and analyzed, the need for a basic understanding of probability becomes more profound.
Almost every action you take has a chance of success and a risk of failure. Pausing to consider the total number of possible outcomes, and making a realistic estimate of the number of successful outcomes can help you to make intuitive estimates of probability. You can then use those estimates to guide any decisions related your possible actions.
Blaise Pascal, a French mathematician, developed the first theory of probability in 1654, while investigating problems related to gambling. His work began the development of this powerful new branch of mathematics.
Probability provides a bridge between the abstract approach of deductive reasoning and the practical approach of inductive reasoning. With probability theory you can systematically assess quantitative data from the real world. The results are not absolute truths, but the most reasonable interpretations of the available informatio .
Probability is a branch of mathematics that provides methods for calculating the chances that specific events will occur when random selection is involved.
Many tend to shy away from using the methods of probability because it involves computations. However, a basic knowledge of probability and statistics (probability’s close relative) is essential for following the developments in all branches of economics, science, and medicine, and for understanding many natural phenomena and games of chance. Clear thinkers need to grapple with the mechanics of probability. Avoiding probability is like avoiding vitamins. As more and more of the world’s knowledge is digitized and analyzed, the need for a basic understanding of probability becomes more profound.
Almost every action you take has a chance of success and a risk of failure. Pausing to consider the total number of possible outcomes, and making a realistic estimate of the number of successful outcomes can help you to make intuitive estimates of probability. You can then use those estimates to guide any decisions related your possible actions.
Blaise Pascal, a French mathematician, developed the first theory of probability in 1654, while investigating problems related to gambling. His work began the development of this powerful new branch of mathematics.
Probability provides a bridge between the abstract approach of deductive reasoning and the practical approach of inductive reasoning. With probability theory you can systematically assess quantitative data from the real world. The results are not absolute truths, but the most reasonable interpretations of the available informatio .
