 Probability is the measure of the likelihood

that an event will occur.

 Probability quantifies as a number between

0 and 1, where, loosely speaking, 0 indicates
impossibility and 1 indicates certainty.

 The higher the probability of an event, the

more likely it is that the event will occur.
 Most things in our surroundings are not
certain whether it is the toss of a coin the
roll of a dice or even the weather.

 Randomness is present at the very core of

existence. And probability helps us to find to
patterns in this randomness.

 To make estimations. To predict the next

moment.
Classic Probability
The classical approach to probability often involves
coin tossing or rolling dice. It is calculated by listing all
of the possible outcomes of the activity and recording
the actual occurrences.

Experimental Probability
Experimental probability is based on the number of
possible outcomes by the total number of trials. If the
coin is flipped 50 times and it lands on heads 28
times, then the theoretical probability is 28/50.
Theoretical Probability
Theoretical probability is an approach that bases the
possible probability on the possible chances of
something happen.

Subjective Probability
Subjective probability is based on a person’s own
personal reasoning and judgment. It is the
probability that the outcome a person is expecting
will actually occur. There are no formal calculations
for subjective probability.
Weather forecasts give us an estimation of what
the weather is going to be like in the future
But weather is not something that can be
predicted with full accuracy, it is always changing
Meteorologists make use of subjective probability
approach and empirical probability approach to
predict the weather
For example, if there's a 60-percent chance of rain,
then the weather conditions are such that 60 out of
100 days with similar conditions, it has rained
Games always involve element of uncertainty. You
cannot know what card you are going to pick next
or what the number the dice is going to roll on.

Probability helps the player to determine how

likely they are to get their desired outcome. So they
can plan their actions accordingly.

For e.g- The probability of getting number 3 in a

game of dice is about 17% and the probability of
drawing an ace from a deck of cards is about 8%
The study of economics is based around the actions
of consumer, producers and other autonomous units
present in an economy . Economists make use of
subjective probability to try and predict these actions

By using different probability approaches they try

to find out what events are going to take place in
the future and their impacts on the economy

For e.g.- Economist try to predict what the value of

rupee is going to be in future and model their policies
accordingly
 Computers use the previous actions of the user to
estimate their next actions

Search engines use our previous searches as a

reference and try to predict what aur next search is
going to be

E commerce sites also use the recent purchases of a

user to predict what they are going to buy next