For many years now, mankind has been trying to figure out why some random events do happen out of nowhere. The chances of an event that does not happen very often out of nowhere happening is something that has amazed mankind. It is because of this that the fundamentals of probability theory was created so that man may solve these issues.
The probability theory is the branch of math that would deal on the chances of certain events happening or not. Now the amazing part here is that it is actually possible for a person to use mathematical computations to see what outcome will turn up. So by utilizing these principles, one will be able to make accurate assumptions.
Now this branch of statistics was first made popular by none other than mathematician Blaise Pascal. Before he created mathematical formulas in order to deduce events, people relied on their past experiences in order to come up with conclusions on why a certain random event has happened. Of course with the introduction of equations and calculations, one can now predict the outcome of an event without past experience.
Now one of the most basic concepts of this branch of math would be the concept that all outcomes are likely to happen. In other words, all outcomes that have been proposed all have an equal chance of happening. Of course this does not take into consideration some external factors that would affect the happening of an event.
Now the above mentioned concept is known as the objective theory and only makes use of given formulas that would predict the happening of a situation. This principle would only take into consideration the outcome of the computation that was made during the formulation. So if one would use this principle, then all his previous knowledge or opinions will not be counted.
Now of course there is also something known as the subjective theory which is the total opposite of the objective one as it would take into consideration what one is thinking. According to this principle, the chances of an event happening will depend on the assumptions that one would make about it. This means that one will be doing some computations but will rely a lot on his own thinking.
There is also the concept of relative frequency which focuses on the ratio of the chance of the event happening as compared to the number of times it could have happened. This means that if one would want a certain random event to happen, then it has to be done many times first before it actually happens. People who support this concept believe that there is no definite chance of the happening.
So if one would want to know the outcome of a certain situation, then it would help to know these concepts. Of course it cannot give the exact answer but it can always give a person a good idea of what his chances are. It is for this reason that gamblers who know statistics would go home with a lot of money.
The probability theory is the branch of math that would deal on the chances of certain events happening or not. Now the amazing part here is that it is actually possible for a person to use mathematical computations to see what outcome will turn up. So by utilizing these principles, one will be able to make accurate assumptions.
Now this branch of statistics was first made popular by none other than mathematician Blaise Pascal. Before he created mathematical formulas in order to deduce events, people relied on their past experiences in order to come up with conclusions on why a certain random event has happened. Of course with the introduction of equations and calculations, one can now predict the outcome of an event without past experience.
Now one of the most basic concepts of this branch of math would be the concept that all outcomes are likely to happen. In other words, all outcomes that have been proposed all have an equal chance of happening. Of course this does not take into consideration some external factors that would affect the happening of an event.
Now the above mentioned concept is known as the objective theory and only makes use of given formulas that would predict the happening of a situation. This principle would only take into consideration the outcome of the computation that was made during the formulation. So if one would use this principle, then all his previous knowledge or opinions will not be counted.
Now of course there is also something known as the subjective theory which is the total opposite of the objective one as it would take into consideration what one is thinking. According to this principle, the chances of an event happening will depend on the assumptions that one would make about it. This means that one will be doing some computations but will rely a lot on his own thinking.
There is also the concept of relative frequency which focuses on the ratio of the chance of the event happening as compared to the number of times it could have happened. This means that if one would want a certain random event to happen, then it has to be done many times first before it actually happens. People who support this concept believe that there is no definite chance of the happening.
So if one would want to know the outcome of a certain situation, then it would help to know these concepts. Of course it cannot give the exact answer but it can always give a person a good idea of what his chances are. It is for this reason that gamblers who know statistics would go home with a lot of money.
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