write a short note on probability and list it's application
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Applications:- Probability theory is applied in everyday life in risk assessment and modeling. The insurance industry and markets use actuarial science to determine pricing and make trading decisions. Governments apply probabilistic methods in environmental regulation, entitlement analysis, and financial regulation.
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Step-by-step explanation:
In our daily life, we use the statement containing the word-probably' or 'doubt' or 'most probably' or 'chances' etc. The uncertainty of these statements can be measured numerically by means of 'probability'. It started with gambling. But at present it is widely used in the fields of Biological Sciences,Mesical Science s,Weather forecasting, Commerce, Physical Sciences,etc.
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