When it comes to random happenings in life, there are actually a lot of outcomes that may take place. Because of the many possible outcomes that may happen, it is actually hard for a person to predict the result of a particular event. Now if one would want to predict outcomes using math, then he should go no further than the fundamentals of probability theory.
Now the study of how random phenomenons would happen is known as the probability theory. This would give a mathematical analysis on how likely the chances are of a random event happening as compared to the chances of that random event not happening. One can calculate this by making use of these principles.
Just for the information of people, this portion of statistics was founded by the famous Blaise Pascal. Now during his time, many people still did not know how to compute the chances of events happening or not which is why they would only rely on their own knowledge and experience in order to make up certain conclusions. Now since Pascal was able to come up with these concepts, people may now predict the outcome of an event using computations.
Now the most fundamental idea which is the foundation of this whole theory is the idea that every outcome has an equal chance of happening. Now if one would take a die and throw it in the air, then he would expect that all numbers would have an equal chance of popping out. Of course one does not include outside factors that cannot be controlled.
Now the above mentioned concept is known as the objective theory and only makes use of given formulas that would predict the happening of a situation. This principle would only take into consideration the outcome of the computation that was made during the formulation. So if one would use this principle, then all his previous knowledge or opinions will not be counted.
The opposite of this concept is known as the subjective theory which would take into consideration the knowledge of a person and would actually state that the probability of an event happening exists only in the mind of a person. Basically, this would include the opinions, past experiences, and the research of a person. Although this would also include some calculations, it would be mostly lie on the assumptions of the predictor and how he would perceive the happening in his mind.
There is also the concept of relative frequency which focuses on the ratio of the chance of the event happening as compared to the number of times it could have happened. This means that if one would want a certain random event to happen, then it has to be done many times first before it actually happens. People who support this concept believe that there is no definite chance of the happening.
So as one can see, there are a lot of ways one can approach the art of probability so that he may predict a certain outcome of a situation. Now these concepts will not exactly show a person what outcome will happen but it will narrow down the possible outcomes to just a few possibilities. This way, one will be able to know what the best outcome to choose would be.
Now the study of how random phenomenons would happen is known as the probability theory. This would give a mathematical analysis on how likely the chances are of a random event happening as compared to the chances of that random event not happening. One can calculate this by making use of these principles.
Just for the information of people, this portion of statistics was founded by the famous Blaise Pascal. Now during his time, many people still did not know how to compute the chances of events happening or not which is why they would only rely on their own knowledge and experience in order to make up certain conclusions. Now since Pascal was able to come up with these concepts, people may now predict the outcome of an event using computations.
Now the most fundamental idea which is the foundation of this whole theory is the idea that every outcome has an equal chance of happening. Now if one would take a die and throw it in the air, then he would expect that all numbers would have an equal chance of popping out. Of course one does not include outside factors that cannot be controlled.
Now the above mentioned concept is known as the objective theory and only makes use of given formulas that would predict the happening of a situation. This principle would only take into consideration the outcome of the computation that was made during the formulation. So if one would use this principle, then all his previous knowledge or opinions will not be counted.
The opposite of this concept is known as the subjective theory which would take into consideration the knowledge of a person and would actually state that the probability of an event happening exists only in the mind of a person. Basically, this would include the opinions, past experiences, and the research of a person. Although this would also include some calculations, it would be mostly lie on the assumptions of the predictor and how he would perceive the happening in his mind.
There is also the concept of relative frequency which focuses on the ratio of the chance of the event happening as compared to the number of times it could have happened. This means that if one would want a certain random event to happen, then it has to be done many times first before it actually happens. People who support this concept believe that there is no definite chance of the happening.
So as one can see, there are a lot of ways one can approach the art of probability so that he may predict a certain outcome of a situation. Now these concepts will not exactly show a person what outcome will happen but it will narrow down the possible outcomes to just a few possibilities. This way, one will be able to know what the best outcome to choose would be.
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