Question: Last week, we learned how to summarize and describe sample data that were randomly collected. Now, the study of probability, the mathematics of chance behavior is important in statistics. Probability theory can help us understand by looking closer at chance behavior. That means probability theory, and basic probability rules can helps us understand chance behavior, which may be unpredictable in a short run but has a regular and predictable pattern in the long run.

Probability can be used to predict the long-term proportion of the times an outcome will occur. In particular the concept of the long-run relative frequency interpretation of various outcomes can be used to predict long-term probabilities, quite useful in making daily business or personal decision. Based on your own personal standpoint, and /or job related experience, describe situations, where you had to make sound decision based on probability concepts, you learn in this course.