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Weather Forecasting

                    • Weather forecasters  use probability to determine  the likelihood of rain, wind, snow,
                   clouds, etc. on a given day in a specific area. For example, forecasters may say things like
                   “there is a 70% chance of rain today between 4 PM and 6 PM” to indicate a medium to
                   high likelihood of rain during certain hours.
                    • Probability helps in understanding long-term climate patterns and changes. For example,
                   estimating the probability of extreme weather events under different climate scenarios
                   aids in planning and mitigation efforts.

                                         Traffic Estimation
                                            • People  often  use  probability  when  they  decide  to  drive  to  someplace.  Vehicular
                                            traffic flow is examined and an estimated vehicle waiting time in each direction is
                                            estimated through probability.
                                            •  Based on the time of day, location in the city, weather conditions, etc. people tend to
                                            make probability predictions about how bad traffic will be during a certain time. For
                                            example, if you think there’s a 90% chance that traffic will be heavy from 6 PM to 7:30
                                            PM in your vicinity then you may decide to wait during that time.

                 Finance
                    • Probability is used to assess the risk of investments and financial decisions. For
                   example,  calculating  the  probability  of  a  stock’s  return  falling  within  a  certain
                   range helps investors make informed decisions.
                    • Probability models help investors spread their investments across different assets
                   to  reduce  risk.  For  example,  by  looking  at  the  chances  of  returns  for  various
                   investments, investors can build a balanced portfolio.
                    • Probability is crucial in figuring out insurance costs and how policies are structured by various insurance agencies.
                   For example, actuaries use probability to predict events like accidents or natural disasters and set insurance
                   premiums based on those chances.


                                             Medicine
                                                •    Probability  helps  in  understanding  how  diseases  spread  and  how  well
                                                  treatments work.
                                                  For example, by estimating the chance of disease transmission in different
                                                  situations, we can better plan public health measures.
                                                •    Probability is used to determine the effectiveness of new treatments or drugs.
                                                  For example, researchers calculate the probability that observed treatment
                                                  effects are due to the drug rather than random chance.
                 Education
                    • Probability is used to estimate how well students perform in exams
                   based on different factors.

                   For example, considering study habits and attendance can predict
                   the chances of students getting certain grades.
                    • Probability helps create fair and accurate standardised tests.
                   For example, figuring out the chances of different scores in tests, it
                   can better reflect how well students understand the subject taught.


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