Statistical Probability

Topics: John Horton Conway, Decision theory, Statistics Pages: 2 (415 words) Published: April 5, 2011
Mathematics can be applied to many daily life situations. In fact, math can be seen in nearly every aspect of life in some form or another. The trick of the matter is, is that most people are not aware of the fact that basic math skills can be used anytime and anywhere. For instance, the mathematical usage of probability can aid people in smart decision making, and can help people understand their odds. Statistically, probability refers to the relative possibility that an event will occur, as expressed by the ratio of the number of actual occurrences to the total number of possible occurrences (SOURCE). A rather obvious activity where probability applies is to is gambling. Casino games, such as Texas Hold Em’, can be played with an educated mind at hand. Knowing your odds of winning and the chances of winning money is valuable and should be available in peoples realm of knowledge. Similarly, Lotto 649 can be gambled on. If one has statistical probability enrichment at hand, however, then one can make quick intelligent choices and decisions. Probability 101 will educate, advise, and provide an insight into probability beneficiaries which can be applied to regular life situations, such as gambling, which will ultimately enrich one’s understanding of odds, and therefore, aid in making smart choices.

Chicago Manual Style (CMS):
probability. Unabridged. Random House, Inc. (accessed: March 30, 2011).

|Format |[reference #] Author(s), Book Title in Italics, edition (if available), Publisher, Place of publication, year | | |published. | |Highlighted example|[1] G. Chartrand and L. Lesniak, Graphs and Digraphs, 3rd ed., Chapman and Hall, Boca Raton, 2000. | |>2 authors |[#] T. W. Haynes, S. T. Hedetniemi, and P....
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