Use of Probability Theory and Its Perspectives

Abstract

Probability Theory is a more of a game of chance. It has the condition of likely and unlikely certainties. This theory plays much in human life, in financial institutions, banking, education, governance, insurance, etc. Governments apply probabilistic methods in environmental regulation, entitlement analysis, and financial regulation. Weather patterns, for example, are used by meteorologists to forecast the likelihood of rain. Probability theory is used in epidemiology to investigate the relationship between exposures and the risk of adverse health outcomes. Probability is widely used in all sectors in daily life like sports, weather reports, blood samples, predicting the sex of the baby in the womb, congenital disabilities, statics, and many. In short, probability theory is about randomness; how will probability be applied in life and be enjoyed? Much needs to be done in inculcating it more in our day-to-day activities. We do more to make life a reality. Probability theory is a multifaceted discipline or art of which every life activity revolves around it.

Predicting construction cost under uncertainty using grey-fuzzy earned value analysis

“…Probability theory is a non-deterministic mathematical technique that examines stochastic uncertainty or randomness using historical statistical laws, regression, and sampling [ 18 , 49 ]. To create predictive distributions, large samples must be available [ 18 ].…”

“…To create predictive distributions, large samples must be available [ 18 ]. For many forms of studies involving uncertainty, including estimation and prediction, decision-making, planning, and control, probability theory is applied [ 49 ]. Probability theory enables precise cost predictions but may be difficult to understand and use [ 50 ].…”