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What is Probability? Video Lecture | IBPS PO Prelims & Mains Preparation - Bank Exams
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FAQs on What is Probability? Video Lecture - IBPS PO Prelims & Mains Preparation - Bank Exams
| 1. What is probability theory? |  |
Ans. Probability theory is a branch of mathematics that deals with the study of uncertainty and randomness. It provides a framework for analyzing and predicting the likelihood of different events or outcomes occurring. It is widely used in various fields such as statistics, economics, physics, and gambling.
| 2. How is probability calculated? | |
Ans. Probability is calculated by dividing the number of favorable outcomes by the total number of possible outcomes. The probability of an event happening ranges from 0 (impossible) to 1 (certain). For example, if we roll a fair six-sided die, the probability of rolling a 3 is 1/6 because there is one favorable outcome (rolling a 3) out of six possible outcomes (rolling a 1, 2, 3, 4, 5, or 6).
| 3. What are the two types of probability? | |
Ans. The two types of probability are theoretical probability and experimental probability. Theoretical probability is based on mathematical principles and is calculated by determining the ratio of favorable outcomes to all possible outcomes. Experimental probability, on the other hand, is based on observed data and is calculated by conducting experiments or collecting data to determine the ratio of favorable outcomes to the total number of trials.
| 4. What is the difference between independent and dependent events in probability? | |
Ans. In probability, independent events are those in which the outcome of one event does not affect the outcome of another event. For example, flipping a coin twice, the outcome of the first flip (heads or tails) does not affect the outcome of the second flip. On the other hand, dependent events are those in which the outcome of one event does affect the outcome of another event. For example, drawing two cards from a deck without replacement, the probability of drawing a second card of a certain suit depends on the outcome of the first draw.
| 5. How can probability be used in real-life situations? | |
Ans. Probability is used in many real-life situations to make informed decisions and predictions. For example, it is used in weather forecasting to predict the likelihood of rain or sunny weather. In insurance, probability is used to calculate premiums by assessing the risk of certain events occurring. It is also used in sports betting, financial investments, medical research, and many other areas where uncertainty and risk are involved.
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Dec 22, 2024 Last updated |
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