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All odds prior to a sporting event for betting purposed is based, at least in part on statistical probability. Betting on a card game in different stages, like in Texas Hold 'em, by better players is done on probabilities. Offering a warrantee (guarantee) on manufactured items, like a car. The probability your new car will last 3 years, or 5 years or whatever the warrantee is, is again based on statistical probability. After all they really don't want to pay to fix your car.
Risk analysis. Ex: The manufacturer knows a certain drug will kill a certain number of people. Is it worth the risk of law suits to sell the drug? In other words, will the company make enough profit off of sales to cover the law suits. All Insurance: the probability that a customer will ever cash in on an insurance policy.
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Example of joint probability?
Joint probability is the probability that two or more specific outcomes will occur in an event. An example of joint probability would be rolling a 2 and a 5 using two different dice.
What is Theoretical Probabilty?
In theoretical probability, the probability is determined by an assumed model (for example, the normal distribution). (compare with empirical probability)
Is the probability that a freshman entering college will graduate an example of Empirical Probability?
Yes.Yes.Yes.Yes.
Can probability be expressed as a percent?
Yes, probability can be expressed as a percent. It is common to express probabilities as a percentage, which is calculated by multiplying the probability by 100. For example, if the probability of an event is 0.25, it can also be expressed as 25%.
How might a person use probability in his or her job?
There are a lot of ways a person can use probability in his/her job. For example, People who bet on horse races use the odds and their knowledge to determine which horse will have the best chance of win,place,show Another example are poker players, quite often, you will see a percentage in the corner of your screen if you watch poker on TV
