Question

What is an example from your own life or in your workplace, where you have used probability to make a decision?

Answer 1

We used probability everywhere like in business, study etc. Let us consider an example. Suppose, you are a student and you take a test. There are multiple-choice question in a test paper and every question has 4 different option. As we know, we don't know the answer to all questions correctly. You guess the answer to some questions by using probability. We say, there is a 1/4 probability that my guess answer will be correct. If you eliminate 2 option and guess answer between the remaining 2 then you say that there is a 1/2 probability that my answer will be correct. In this way, we do questions in an examination and you can evaluate that there is a 60% chance that I will pass the test.

Probability can be used in other fields also. Suppose you are a Gambler and playing with 52 play card. You can calculate probability at each time while playing the game, whether you will win the game or lose the game by using the probability of a card (King, queen, jack, extra.)