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 …

…well as property. Probability and statistics play their most important roles in these fields medicine and weather. Many other facets of life use these tools of prediction, including sports, military planning, schools, police and any area where an anticipation of the most likely occurrence is necessary. One can never be absolutely certain of what the future holds but it is a calculated fact that probability and statistics are the closest things to knowing for sure.