1332.0.55.002 - Statistical Language!, 2008

ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 27/06/2008 First Issue

Summary
Downloads
Explanatory Notes
Related Information
Past Releases

Page tools: Print

Print Page Print all pages in this product

Print All

Contents
In this issue
About this Release
Statistical Language!

Contents >> Probability >> Benefits and downfalls of Probability

BENEFITS AND DOWNFALLS OF PROBABILITY

Probability allows us to predict the likelihood of an event occurring when it is repeated several times. One of the major benefits of probability is that its fraction can be converted into a percentage. This in turn means that useful predictions can be made in a wide range of areas, including economics, population growth, gambling and even the weather.