(i) in risk assessment
I keep discovering more applications of Probability in life.Another major applications of probability theory in everyday life, that I came to appreciate recently are in risk assessment . risk are one-time and thus require the use of probability rather than Statistics, e.g. "the probability of another 9/11". To be more specific,A law of small numbers tends to apply to all such choices .which makes âprobability measures a political matter.â
(ii) In genetics, for example, probability is used to estimate the likelihood of gene distribution from one generation to the next. During the late 1850âs, Gregor Mendel used the general rules of probability to explain the basic principles of heredity by breeding green peas in planned experiments. Fishers fundamental theorem of natural selection was explained using probability theory.
(iii) )Many people seem to enjoy the ideas of probability because it is related to so many games that usually involve money. Although according to probability all numbers are equally likely to appearBy playing the odds right, someone could win big, either at a card table or on Wall Street. Probability makes random events look like very predictable ones.