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Reasons Why Studying Probability Is Important In Real Life

There are courses you can take that only seem relevant for academic purposes or professional settings. However, others are applicable in the professional world and real-life as well.

Probability is one of these. If you are considering taking probability courses and are wondering if what you will learn will be helpful in your day-to-day life, the answer is yes.

How so? Here are some ways you can use probability knowledge in real life.

Weather Planning

If you are planning a vacation, picnic, outdoor event, and so on, you will likely want to have an idea of what the weather might be. If, for example, the papers say there might be a 60% chance that it might rain, this is often data from statistical data; this means that on 60 days out of 100 in the past, it has rained on this day.

This likely means that there is a high chance that it might rain. This information can help you decide to either change dates or proceed with your plans, taking all precautions.

Sports Betting

Many people engage in sports betting for fun and monetary gain.

One common thing in sports betting is research. Carrying out good research before placing bets helps you increase your chances of winning and makes you make informed bets as opposed to taking wild guesses.

As you do your research, one of the things you look at is statistics. These often give you past results of similar games and individual teams’ performances.

With this data, you can make specific determinations. For example, if a team is not known to score on away matches, you can assume that their probability of achieving in an upcoming game where they are playing away from home is low.

Politics

If you or your loved one ever wants to go into politics, the probability will come in handy. The same applies should you decide to go into political analysis or to manage political campaigns.

It’s often easy to predict who will win a political seat by looking at past voter trends. If over the years, the electorate has preferred a particular part over others, then the probability of that party’s candidate winning an upcoming election is relatively high.

In this case, probability can help help you make the necessary decisions regarding your candidature.

Insurance Choices

Probability can help you analyze the best insurance plan for you and your loved ones.

For example, if you live in a high-risk neighborhood, the probability of your car being stolen is pretty high. In such a scenario, you might opt to go for car insurance because the chances of you needing to make a claim are pretty high.

Lately, more and more people are insuring their mobile phones. Why? Because the chances of a mobile phone getting damaged or lost are pretty high.

Probability can help you understand why your insurance premiums are what they are.

For example, if you are a heavy smoker, the probability of developing respiratory health problems is higher than that of a non-smoker. Because you have a higher chance of making a hospital claim for this, your insurer will likely cushion themselves by giving you higher premiums.

Parting Shot

As you can see, probability courses are essential in the real world. The above are just a few instances where you make determinations using probability. The reality is, you use probability principles numerous times, even without being conscious of it.

If you decide to study probability, have a positive attitude, understand applications, and get support from tutors on Edutized when you get overwhelmed.

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