PROBABILITIES

PROBABILITIES

1. What are Probabilities: Probability is the quality or state of being probable; the extent to which something is likely to happen or be the case.

   • Experimental Probability
     • An experimental probability is an estimate of the theoretical (or true) probability, based on performing a number of repeated independent trials of an experiment, counting the number of times the desired event occurs,
       • Examples
         • An example would be to flip a coin 40 times and record whether you get a head or a tail.
   • Theoretical Probability
     • Experimental probability is probability that is determined on the basis of the results of an experiment repeated many times. Probability is a value between (and including) zero and one.
       • Examples
         • For instance, since a flipped coin has two sides and each side is equally likely to land up, the theoretical probability of landing heads (or tails) is exactly 1 out of 2.

2. 2. You use probability when you play board, card, or video games that involve luck or chance. You must weigh the odds of getting the cards you need in poker or the secret weapons you need in a video game.

   • 1. For example, when choosing a car insurance policy, you use probability to determine how likely it is that you'll need to file a claim.
     • Real Life Examples

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