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**Stefan Robert ^{*}**

Department of Applied Mathematics and Theoretical Physics, Jimma University, Jimma, Ethiopia

- *Corresponding Author:
- Stefan Robert

Department of Applied Mathematics and Theoretical Physics, Jimma University, Jimma, Ethiopia**E-mail:**[email protected]

**Received:** 24-Nov-2022, Manuscript No. JSMS-22-83264; **Editor assigned:** 29-Nov-2022, Pre QC No. JSMS-22-83264 (PQ); **Reviewed:** 14-Dec-2022, QC No. JSMS-22-83264; **Revised:** 21-Dec-2022, Manuscript No. JSMS-22-83264 (A); **Published:** 28-Dec-2022, DOI: 10.4172/J Stats Math Sci.8.7.002

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Probability means possibility. It is a branch of mathematics that deals with the occurrence of a random event. The value is expressed from zero to one. Any specified subset of the sample space is called an event. Central subjects in probability theory include discrete and continuous random variables. Probability theory, which is widely used in fields of study like statistics, mathematics, science, finance, gambling, artificial intelligence, machine learning, computer science, game theory and philosophy, has given these ideas an axiomatic mathematical formalization. For example, it can be used to indicate information about the expected frequency of events. Additionally, the mechanics and regularities that underlie complex systems are described by probability theory.

Probability means possibility. It is a branch of mathematics that deals with the occurrence of a random event. The value is expressed from zero to one. Any specified subset of the sample space is called an event. Central subjects in probability theory include discrete and continuous random variables. Probability theory, which is widely used in fields of study like statistics, mathematics, science, finance, gambling, artificial intelligence, machine learning, computer science, game theory and philosophy, has given these ideas an axiomatic mathematical formalization. For example, it can be used to indicate information about the expected frequency of events. Additionally, the mechanics and regularities that underlie complex systems are described by probability theory.

The area of mathematics that deals with probability is called probability theory. Probability is a concept that can be interpreted in a variety of ways but probability theory tackles the idea in a pure mathematical way by expressing it through a series of theorems. Typically, these theorems define probability in terms of a probability space, which links a collection of outcomes known as the sample space to a measure taking values between 0 and 1. The term "event" refers to any defined subset of the sample space. Discrete and continuous random variables, probability distributions and stochastic processes are key concepts in probability and statistics. Even though it is impossible to forecast random events with absolute accuracy, much may be stated about their behavior. The rule of big numbers and the central limit theorem are two important conclusions in probability theory that describe this behaviour. Probability theory serves as the mathematical basis of statistics and is crucial to many human endeavors involving statistical processing. Probability theory techniques can also be used to describe complex systems when only a portion of its state is known, as in statistical mechanics or sequential estimation. The quantum mechanical description of the probabilistic nature of physical occurrences at atomic sizes was a major discovery of twentieth-century physics. The daily use of probability and statistics includes risk modeling and evaluation. Mathematical science is used by the insurance sector and markets to establish pricing and make trading choices. In the analysis of entitlements, tax policy and environmental regulation, administrations use probabilistic approaches.

The impact of the evaluation to determine of some protracted conflict in the Middle East on oil prices, which have repercussions on the economy as a whole is an illustration of how probability theory is used in stock markets. The value of a commodity can go up or down based on a trader's judgment on the probability of war, which also informs other dealers of that view. As a result, neither an independent nor a necessary rational assessment of the probability is made. The theory of behavioral finance developed to explain how such groupthink affects pricing, policy and the resolution of disputes. Probability can be used to study trends in biology and ecology in addition to financial assessment. Similar to economics, risk assessment may be used as a statistical method to determine the probability of unfavorable occurrences happening and can help with the implementation of protocols to avoid running into such situations. Games of chance are created using probability so that casinos may always turn a profit while also giving players regular payouts that motivate them to keep playing. Reliability is a vital aspect of statistical theory's practical application. Reliability theory is used in industrial design for many consumer goods, including cars and electronic goods, to lower the risk of failure. The failure probability may have an impact on the insurance choices made by a manufacturer. Applications of probability theory include the cache language model and other statistical language models used in natural language processing.