3333 WordsJun 26, 201114 Pages

Contents | Page | Part 1 | 2 | Part 2 | 5 | Part 3 | 6 | Part 4 | 8 | Part 5 | 10 | Further Exploration | 13 | Conclusion | 14 | Reflection | 15 |
Part 1
a) Introduction
The word Probability derives from probity, a measure of the authority of a witness in a legal case in Europe, and often correlated with the witness 's nobility. In a sense, this differs much from the modern meaning of probability, which, in contrast, is used as a measure of the weight of empirical evidence, and is arrived at from inductive reasoning and statistical inference.
A short history of Probability Theory............
The branch of mathematics known as probability theory was inspired by gambling problems. The earliest work was*…show more content…*

Another significant application and importance 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 may be closely associated with the product 's warranty.
Gambling is also usually associated with probability theory. This is a good example of the probability theory as this is what the bookies use to set the odds for gambling.
b) Differences between Theoretical and Empirical Probabilities
Empirical probability, also known as relative frequency, or experimental probability, is the ratio of the number favourable outcomes to the total number of trials,[1][2] not in a sample space but in an actual sequence of experiments. In a more general sense, empirical probability estimates probabilities from experience and observation.[3] Empirical probability is the data that has been proven through trial and error such as the statics on the accidents that involve driving while under the influence. Even the proven data for deaths that are smoking related.
A theoretical probability, however, is one that is calculated based on theory, i.e., without running any experiments. The theoretical probability is like guessing and taking a chance you are right much like playing a game of cards you are taking that chance you have the better hand.
Theoretical

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