Statistics is the science of probability in which the statistician (applier of statistics science to specific problems) can assess the probability of an event occurrence. The science of probability does not work in perfectness that is the occurrence of an event that is estimated with certain probability will not necessarily happen. The likelihood of the event happening on a specific day and time can be predicted but what is likely is not certain. But there is a certain degree of certainty in the science of probability.
The science of probability is used to predict various events and their impact. The probability of occurrence of hurricane, tsunami, cyclone, earthquake and other natural calamities can be predicted by applying the science of probability to the available information and past data. There are other fields such as Insurance industry which is entirely based on the concept of probability. Some people confuse the science of probability with gambling and they think that insurance is about gambling. But it isn’t so.
Let us look at a few relevant terms:
- Probability: The likelihood of an event happening in percentage terms
- Possibility: Yes/No/May be/May be not; the event is possible but not likely
- Gambling: This is like shooting arrow in the dark. You do not have the slightest idea about whether or not the arrow will hit the target
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For instance, let us look at the use of probability in various fields: