Use of Probability Theory and Its Perspectives
Frank Owusu
Department of Mathematics and ICT, St. Louis College of Education, Ashanti Region, Kumasi, Ghana.
Rhoda Afutu
Computer Science Department, Sunyani Technical University, Sunyani, Brong-Ahafo Region, Ghana.
Isaac Assan-Donkoh
Department of Mathematics and ICT, Enchi College of Education, Enchi, Western-North Region, Ghana.
Stephen Atepor
Department of Mathematics and ICT Education, C. K. Tedam University of Technology and Applied Sciences, Upper East Region, Navrongo, Ghana.
Dennis Offei Kwakye *
Department of Mathematics and ICT Education, C. K. Tedam University of Technology and Applied Sciences, Upper East Region, Navrongo, Ghana.
*Author to whom correspondence should be addressed.
Abstract
Probability Theory is a more of a game of chance. It has the condition of likely and unlikely certainties. This theory plays much in human life, in financial institutions, banking, education, governance, insurance, etc. Governments apply probabilistic methods in environmental regulation, entitlement analysis, and financial regulation. Weather patterns, for example, are used by meteorologists to forecast the likelihood of rain. Probability theory is used in epidemiology to investigate the relationship between exposures and the risk of adverse health outcomes. Probability is widely used in all sectors in daily life like sports, weather reports, blood samples, predicting the sex of the baby in the womb, congenital disabilities, statics, and many. In short, probability theory is about randomness; how will probability be applied in life and be enjoyed? Much needs to be done in inculcating it more in our day-to-day activities. We do more to make life a reality. Probability theory is a multifaceted discipline or art of which every life activity revolves around it.
Keywords: Event, forecasting, game of chance, impossibility, possibility, possible outcome, probability, probability theory, randomness, uncertainty, unforeseen circumstances