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Do You Know Your Probability? - DailyBlogTips

Do You Know Your Probability? - DailyBlogTips

Do You Know Your Probability?

Posted: 19 Oct 2013 04:21 AM PDT

Probability theory is a relatively new mathematics branch. I say “relatively” because its study started in the sixteenth century, when people (e.g., Cardano, Fermat, Pascal) began analyzing games of chance and gambling. That’s old, but not even close to some other mathematics branches, like calculus (integral calculus was found in Egyptian papyrus dated 1820 BC!) or geometry.

Despite being a late bloomer, probability theory is a very important field today, with many applications in everyday life. Examples incluse insurance services, financial markets, medical sciences, computer sciences, artificial intelligence, and so on. For instance, when you use Google search or Facebook you are using it (i.e., there are algorithms in those services that rely on probability theory).

Even if you are not working in any of those fields I think you should know at least the basics of probability, as it can be useful in your everyday life.

For example, suppose a friend comes to you with the following bet: he will roll two dice, if the resulting sum is a number smaller than 8 you win and he will pay you $50, however if the sum is a equal to or greater than 8 you lose and you’ll need to pay him $50. Should you take the bet?

The answer is yes, cause you would have almost 60% chance of winning.

Want more practical applications? You could use it to optimize your landing pages, to measure the effectiveness of your marketing campaigns, of your guest posts and so on.

Now if you never studied probability and would like to learn the basics, of if you don’t remember it anymore but would like a refresher, check a post I wrote on my programming blog titled Introduction to Probability.

It’s quite long, but once you are done reading it you’ll know all the core probability principles.

Your wallet will thank me the next time you visit Las Vegas!

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