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An accurate knowledge of the probability of some event to occur allows the concepts of planning, preparing and expecting to take on meaning. If you had absolutely no idea what was going to happen from one moment to the next, it would be completely illogical for you to do any of those above things. Not to mention that the entire idea of "surprise" would be moot since everything would be a surprise.
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What does probability look like?
Probability is an abstract concept and so does not have any particular appearance.
What is the meaning and importance of valuation concept?
Valuation Concept is Valuation concept no concept about it.
Is relative frequency similar to the concept of probability?
The relative frequency of of an event is one possible measure of its probability.
What is the fundamental concept for probability and statistics?
The fundamental concept is that there are many processes in the world that contain a random element. If that were not the case, everything would be deterministic and there would be no need for probability of statistics.
What are the types of probability?
They are generally agreed to be theoretical and experimental probabilities. Probability is probability. The concept may be applied to any causal event which has more than one potential outcome.
