Description
Probability tells us the chance or likelihood that a particular event will occur. Whether or not we realize it, every day we use probability to make decisions. For instance, when deciding whether to take an umbrella, we check the weather forecast to see the probability that it will rain. In this instance, probability tells us the likelihood that it will rain; however, the decision about taking an umbrella is based on an individual’s willingness to risk getting rained on. Some people will take an umbrella, when the probability of rain is at least 40%, while others will wait until the probability is at least 60%.
What is an example from your own life or in your workplace, where you have used probability to make a decision?
Use a 28 year old military person.
Explanation & Answer
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Running head: REAL LIFE PROBABILITY
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Real Life Probability
Name
Institution
REAL LIFE PROBABILITY
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Real Life Probability
Early this month, I was considering retiring and investing all of my savings from the army and
start a restaurant business or continue serving in the army. Being a sensitive issue and had to
consult the probability for successful financia...