When it comes to random happenings in life, there are actually a lot of outcomes that may take place. Because of the many possible outcomes that may happen, it is actually hard for a person to predict the result of a particular event. Now if one would want to predict outcomes using math, then he should go no further than the fundamentals of probability theory.
Now the probability theory is the branch of statistics that deal with the analysis of these random happenings. Basically, the concepts dealt here would be tackling how to solve the chances of a certain event happening or not happening using some math formulas and computations. It is actually possible to calculate these chances.
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 the most fundamental idea which is the foundation of this whole theory is the idea that every outcome has an equal chance of happening. Now if one would take a die and throw it in the air, then he would expect that all numbers would have an equal chance of popping out. Of course one does not include outside factors that cannot be controlled.
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.
The opposite of this concept is known as the subjective theory which would take into consideration the knowledge of a person and would actually state that the probability of an event happening exists only in the mind of a person. Basically, this would include the opinions, past experiences, and the research of a person. Although this would also include some calculations, it would be mostly lie on the assumptions of the predictor and how he would perceive the happening in his mind.
The last of the principles would be the principle of relative frequency which heavily depends on ratios in order to predict the outcome of an event. Basically, one would be comparing the chance of an event happening to the times that the event could have happened in the form of a ratio. In a nutshell, one would believe that before a certain outcome will happen, the event has to take place a few times first.
So as one can see, there are a lot of ways one can approach the art of probability so that he may predict a certain outcome of a situation. Now these concepts will not exactly show a person what outcome will happen but it will narrow down the possible outcomes to just a few possibilities. This way, one will be able to know what the best outcome to choose would be.
Now the probability theory is the branch of statistics that deal with the analysis of these random happenings. Basically, the concepts dealt here would be tackling how to solve the chances of a certain event happening or not happening using some math formulas and computations. It is actually possible to calculate these chances.
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 the most fundamental idea which is the foundation of this whole theory is the idea that every outcome has an equal chance of happening. Now if one would take a die and throw it in the air, then he would expect that all numbers would have an equal chance of popping out. Of course one does not include outside factors that cannot be controlled.
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.
The opposite of this concept is known as the subjective theory which would take into consideration the knowledge of a person and would actually state that the probability of an event happening exists only in the mind of a person. Basically, this would include the opinions, past experiences, and the research of a person. Although this would also include some calculations, it would be mostly lie on the assumptions of the predictor and how he would perceive the happening in his mind.
The last of the principles would be the principle of relative frequency which heavily depends on ratios in order to predict the outcome of an event. Basically, one would be comparing the chance of an event happening to the times that the event could have happened in the form of a ratio. In a nutshell, one would believe that before a certain outcome will happen, the event has to take place a few times first.
So as one can see, there are a lot of ways one can approach the art of probability so that he may predict a certain outcome of a situation. Now these concepts will not exactly show a person what outcome will happen but it will narrow down the possible outcomes to just a few possibilities. This way, one will be able to know what the best outcome to choose would be.
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