My lessons will make understanding probability very straightforward. Probability, which is the likelihood of something happening, is used daily in our conversation.
For example, soon or later, most of us have asked ourselves the following questions:
- What is the likelihood that it is going to rain tomorrow?
- What is the likelihood that when flipping a coin, it will land on tail?
- What is the likelihood that a patient will die after a surgery?
- What is the likelihood that you will die within the next five years?
The second question above is easier to answer.
Since a coin has two sides, it has 50% chance of landing on tail.
It also has 50% chance of landing on head.
The first and the third question are not easy to answer since they may require a solid understanding of the topic and some contextual information.
You may not be interested in the fourth question yet the company that sold you a life insurance policy will be interested in getting an answer to that question. The higher the likelihood that you will die within the next five years, the higher your premium.
Understanding probability is very important if you want to work for insurance companies, especially if you want to become an actuary.
My goal is to introduce you to the topic and help you develop an appreciation for probability as we explore some interesting situations and problems.
Any serious study of probability will start with a solid understanding of the fundamental counting principle, combination, and arrangement, which show you how to count.
Therefore, I strongly encourage you to start studying these. They will make understanding probability a lot easier.
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