Question

I need a good conclusion for my project on probability... please help !!!

Answer 1

Probability theory is applied in everyday life in risk assessment and in trade on financial markets. Governments apply probabilistic methods in environmental regulation, where it is called pathway analysis. A good example is the effect of the perceived probability of any widespread Middle East conflict on oil prices—which have ripple effects in the economy as a whole. An assessment by a commodity trader that a war is more likely vs. less likely sends prices up or down, and signals other traders of that opinion. Accordingly, the probabilities are neither assessed independently nor necessarily very rationally. thus, knowing about probability is very much necessary.

Answer 2

Answer :

People use probability and odds in many situations -- to decide what kind of weather to prepare for, whether or not to buy a stock, and how much to bet when gambling. Probability helps people understand which choices are safe and which choices are risky. Of course, this task is much easier when we have fluent knowledge of probability. By learning about probability, we can learn about the likelihood of future events, and prepare accordingly.