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I need support with this Business question so I can learn better.Post a total of 3 substantive responses. This includes your initial post and 2 replies to classmates or your faculty member.Probability is about mathematically determining how likely an event is to happen. Probability can be applied to many different aspects of our lives and help us make informed decisions.Respond to the following in a minimum of 175 words:Discuss the concept of probability, including the notion of an experiment, outcomes, and sample space. How can each of these be useful to us?
Describe an example from your own personal or professional experiences where you are focused on obtaining a specific, desired outcome. Evaluate what the ideal experiment, outcome, and sample space are for that situation.
student 1The way I understand probability is the chance of an event happening. It can be written in terms of percentages ranging from 0 to 100 percent. For example, we use probability a lot when we try to predict the weather. Different weather channels show the probability of having rain the next day. In this case, they are using probability. The notion of the experiment is would be anything that can be observed and has a result. For example, an experiment can be tossing a coin and observing the results. The outcome of this experiment can either be heads or tails. Sample space considers all the possible outcomes from an experiment. Continuing with the coin example, the sample spaces of this experiment can be heads and tails.Another everyday example of probability is rolling the dice when playing games. The experiment would be rolling the dice and the outcome can be from 1 to 6. So if I need a 6, my question would be what is the probability to get a 6. For this, I would need to know the sample spaces, which are 1, 2, 3, 4, 5, and 6. Now I can calculate the probability of getting a six which is around 16.7 percent.Student 2The concept of probability is the likelihood that something will occur when measured with the desired outcome. The desired outcome is determined when compared with data that can be determined based on situations done through observation. Someone’s experience and opinion can also be a concept that produces a result that can determine possibilities. When someone flips a coin, the likelihood of a head or tail is the only two possibilities that would result from that action. In my personal and professional example would be to compare the possibility that my boss will have a meeting depending on her schedule. I can determine if I would need to sit in on the meeting to take notes or order catering depending on her previous meetings and work pattern. When taking a survey, I can determine how many people will have the same opinion from the demographic, and who usually responds to previous inquires. I find that when taking surveys, those results are very consistent based on previous responses, and most importantly when it involves politics and or economic benefits.
Requirements: Discussion | 1 pages, Double spaced