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What is Probability?

Probability theory is one of the many branches of mathematics. However, unlike most of the other branches, this one deals with random occurrences; it is an analysis of events that occur randomly.  Let us take a look at an example to make understanding of this subject easier. If you were to flip a coin, there are only two results that are possible, heads or tails. Now if this coin is flipped a number of times there will be a pattern that will develop and you will find that there is a ratio between the number of times that heads appears and the number of times tails appears. Probability theory is the study of this ratio; you will find that probability is always represented as a ratio. Probability theory started with an attempt to understand games that were played with cards, however, over time it has found applications in many more fields, including science, engineering and business.

Why study Probability?

The theory of Probability is so important with respect to our lives that there is practically no field of science that does not use it. Therefore if you are entering the field of science, studying probability theory is a must. There are many other fields and professions that also make use of probability theory. Probability theory is used in the finance and trade market as well. Market researchers and analysts use the help of the theory to perform risk assessments on markets and commodities. Probability theory is also used by governments all across the world especially when it comes to regulations that concern the environment. When it is done in this manner, it is referred to as pathways analysis. In short, probability theory is an extremely useful subject especially if you are considering a field where you will need to analyze and study patterns of behaviors.