Question

What do you mean by term probability and explain its stages of development?

Answer 1

Probability is a concept on mathematics which is the ratio of number of events possible to the total number of outcome of the event possible. It can be expressed as a number between zero and one.

In other words, Probability is the possibility or chance of an event that might occur in future

Origin and stages of development of probability:

• Pierre Fermat and Blaise Pascal found the theory of probability in 17th century. It is believed that a dispute between two persons in a gambling game led to the invention of probability.
• Later in 18th century, James Bernoulli stated a theorem on probability which explains the proportional connection between probability and frequency of occurrence of the event; He states it a certain morally. Scientists, Lottery companies, Insurance companies started to use the concept of probability
• In 19t century, Bunyakovskii and Ostrogradskii involved in the further development of the theory.