Probability
Probabilities according to Becker and Parker (2011) are used in both simulations and real life scenarios to help in the estimation of the occurrence of events. In the words of Gravetter and Wallnau (2008), "for a situation in which several different outcomes are possible, the probability for any specific outcome is defined as a fraction or a proportion of all the possible outcomes." In that regard, chance and randomness are some of the critical components of probability. It is important to note that in most cases, the ability of individuals to make sound decisions is largely dependent on how accurate they are in their estimation of the occurrence of future events. From time to time, it is not unusual to find ourselves confronted with probabilistic problems. In the next section, I will concern myself with four real life scenarios where the calculation and/or estimation of probability could come in handy.
To begin with, assuming I was granted a license to operate a small insurance firm in my neighborhood, probability estimation and computation would come in handy in the determination of the amount of premiums to be charged to my clients for the various covers extended to them. For instance, assuming I only offered one insurance product i.e. accident cover, I would compute premium rates on the basis of a number of parameters including but not limited to age of the applicant, number of accidents an individual has been...
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