Probability Theory Statistics and the Decision Making Process

A detailed Summary of Probability Theory Statistics and the Decision Making Process


The Collier Encyclopedia's definition for probability is the concern for events that are not certain and the reasonableness of one expectation over another. These expectations are usually based on some facts about past events or what is known as statistics. Collier describes statistics to be the science of the classification and manipulation of data in order to draw inferences. Inferences here can be read to mean expectations, leading to the conclusion that the two go hand in hand in accomplishing what mankind has tried to accomplish since the beginning of time - predicting the future. It is the notion of science that this is the most accurate way to predict events yet to occur and this has lead to it being the most widely accepted "fortune telling


Probability and Statistics most widespread use is in the arena of gambling. Gambling is big all over the world and lots of money is won and lost with their aid. In horse racing especially the statistics of a horse in terms of its physical condition and winning history sway numbers of persons into believing that the mathematical evidence that is derived can actually be a good indicator of a race's outcome. Usually it is if the odds or probability are great in favor of the desired outcome. However the future is uncertain and races can turn out any of a number of different ways.

The field of medicine is another high subscriber to this forecasting technique. Potential diagnoses are frequently made based on a patient's history or that of his ancestors

Some common words found in the essay are:
Probability Statistics, Collier Encyclopedia's, probability statistics, weather systems,

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