Significance and Application
Probability is fascinating in its mathematical calculations, but it’s even more amazing in how it applies to real-world situations. “Risk evaluation and modeling are examples of how probability theory is used in everyday life.” (Lin, 2022) The techniques used to find probability are used every day to better financial situations, explore patterns in sciences such as biology and chemistry, consumer electronics in an effort to minimize the probability of failure, and so much more. (Lin, 2022) There are a few other everyday uses of probability most people don’t even realize is probability! Weather forecasts, predicted outcomes of sports, medical diagnoses, and election results are all probabilities. (Future School, 2022)