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Essay / Research Paper Abstract
This 7 page gives a comprehensive view of probability, explaining how to calculate probabilities, looks at the basic concepts and how probabilities are used giving examples such as decision making, marketing and medical research. The bibliography cites 4 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEprobab.rtf
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Unformatted sample text from the term paper:
watching a weather report when deciding if whether or not to put a coat on. The everyday uses of probability can be seen in the way car and life insurance
premiums are calculated, the way lottery prizes are allocated, the measurement of results form clinical trials and even the way in which gambling odds are set and even how likely
someone may be to gamble according to their social background (Layton and Worthington, 430). These are only a few application, it can even be argued to be used when we
cross the road, undertaking an internal probability test to assess if we cross the road at a particular moment if we are likely to be hit by a car.
This indicates how probability is used in a wide variety of situations, by understanding the basics of probability and how it is used and applied the student will be better
placed to gain value from its use. To demonstrate probability we can look at some very simple application and then apply them to more complex situations. The flipping of
a coin is a universally of choosing an option where there are equal chances of either outcome. A coin has two sides and as long as the coin has not
been tampered with, when the coin is thrown into the air there are two mutually exclusive potential outcomes (Curwin and Slater 170). If we want to express this as a
fraction this is simple, we have only 1 outcome possible, this means that the figure above the line is a one, and there are two possible outcomes, this means the
number below the line is 2, giving us 1/2. This is one outcome divided by two potential outcomes. To give the overall probability of the outcome being either heads or
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