Roles of Probability in different fields of life?
Answers
In business world is used to do
1.Risk evaluation
For example, a company considering entering a new business line. If the company needs to generate $500,000 in revenue in order to break even and their probability distribution tells them that there is a 10 percent chance that revenues will be less than $500,000, the company knows roughly what level of risk it is facing if it decides to pursue that new business line.
2.Sales forecasting
One practical use for probability distributions and scenario analysis in business is to predict future levels of sales. It is essentially impossible to predict the precise value of a future sales level; however, businesses still need to be able to plan for future events
3.Scenario analysis
For example, a business might create three scenarios: worst-case, likely and best-case. The worst-case scenario would contain some value from the lower end of the probability distribution; the likely scenario would contain a value towards the middle of the distribution; and the best-case scenario would contain a value in the upper end of the scenario.
Well way of applying the probability is same independent of field .
So above goes in Defence,Food,Security.
Next the awesome thing comes Application in artificial intelligence where thing goes different.
Right now I will not dwell into detail to get more upvotes,but you can google it ,you will come to know about that .