The word probable is derived from the Latin word probables. It is also evident that,
probability is the likelihood or chance that something will probably happen or probably not happen. Technically probability theory is used extensively in areas such as statistics and mathematics. Explaining technically, probability of a sure event equals 1 while the probability of an impossible event equals zero. But if u had noticed, probability plays a vital role in our daily lives too. God forbid, even we being alive the next moment is a probable, sometimes we may call it a faith or a belief. But actually it’s a probable.
Two major applications of probability theory in everyday life are in risk assessment and in trade on commodity markets. Governments typically apply probabilistic methods in environmental regulation where it is called "pathway analysis", often measuring well-being using methods that are stochastic in nature, and choosing projects to undertake based on statistical analyzes of their probable effect on the population as a whole. It is not correct to say that statistics are involved in the modeling itself, as typically the assessments of risk are one-time and thus require more fundamental probability models, example, "the probability of another 9/11". A law of small numbers tends to apply to all such choices and perception of the effect of such choices, which makes probability, measures a political matter.
A good example is the effect of the perceived probability of any widespread Middle East conflict on oil prices - which have ripple effects in the economy as a whole. An assessment by a commodity trader that a war is more likely versus less likely, sends prices up or down, and signals other traders of that opinion. Accordingly, the probabilities are not assessed independently nor necessarily very rationally. The theory of behavioral finance emerged to describe the effect of such group think on pricing, on policy, and on peace and conflict.
It can reasonably be said that the discovery of rigorous methods to assess and combine probability assessments has had a profound effect on modern society. Accordingly, it may be of some importance to most citizens to understand how odds and probability assessments are made, and how they contribute to reputations and to decisions, especially in a democracy. Another significant application of probability theory in everyday life is reliability. Many consumer products, such as automobiles and consumer electronics, utilize reliability theory in the design of the product in order to reduce the probability of failure. The probability of failure is also closely associated with the product's warranty.
If u had noticed probable, probability are couple of very interesting and the most commonly used words. Lot of things are cob webbed around this word. For example,
the weather report is a probable, we planning something and for it to be a success is a probable, who knows one could even be the CM of tamil nadu that’s also a probable..:)
And if u happen to go deep inside mathematics, u will find probability even more interesting. One of the best fields in mathematics.
