Probability and Odds in the Real World

I hope that I have shed some light on the world of probability and odds and that you can now go forth in tackling these problems with confidence. I think that it is important to note that probability is all around us. It is not simply something that you will learn and use within the confines of a classroom. Here are some examples of practical, real-life uses of probability and odds:

• When planning a picnic! What?! you probably think I'm crazy, but it's true. Before packing your basket, you had better check the weather. If there is a 70% chance of rain, do you think it would be wise to head out for a picnic? How about a 20% chance? Are you getting it now? Probability makes a huge difference!

• When making medical decisions. This is a bit more serious but oh-so-true. If a doctor tells you that the odds of a procedure being successful are 100:1, it may be beneficial to consider the procedure. However, if the odds of a procedure being successful are 1:100, you may want to explore other options. Either way, you had better know the difference between these 2 different odds!

• When gambling! While I am not a gambler and do not condone the practice, knowing odds and probability can help you make an informed decision about whether or not to gamble. The odds of winning the lottery, for example, are so miniscule that I choose not to participate. However, the odds are different everyday depending on the number of ticket sold. Some may choose to buy a ticket when the jackpot is low because there is a higher probability of winning (even though there is a lower payout). Others may choose to play the lottery when the jackpot is a very high number, despite the fact that the probability of winning is not as good.

Probability is all around us! Here is a link to even more real-world applications:

http://www.ehow.com/list_7719506_real-life-probability-examples.html 

Please comment on my blog or contact me if you have any questions or if you would like further explanation about probability and/or odds. I am always happy to help!

Thank you!

~ Tammy