The Importance of the Concept of Probability (Essay Sample)
The student was required to discuss the concept of probability and how it is applied in mathematics. The paper established that probability is used to test hypotheses via statistical inference. It helps to know if there is sufficient statistical evidence to accept or reject a claim. This mathematical concept is an essential basis for all types of risk assessment and risk-based decision-making. Applying the probability expertise, top mathematicians such as Blaise Pascal helped wealthy gamblers win critical gambling games.
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Probability Theory in Mathematics
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Probability Theory in Mathematics
Probability is a mathematical term widely used with advanced statistics to measure how likely a particular event will occur. The chance of occurrence of a given event usually ranges between 0 and 1 and can be expressed as a percentage. If the value is 0, it means it is impossible for the event to happen, while a value of 1 denotes a 100% likelihood that the event will occur. This concept is taught under statistics and has many uses. For instance, it is used to test hypotheses via statistical inference. It helps to know if there is sufficient statistical evidence to accept or reject a claim (Hacking, 2006; Makar & Rubin, 2018). The concept
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