Discuss at least three fields of life in which probability plays a very significant role for the future developments (in your chosen fields)?


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Gambling is the first area of life that pops to mind when I think of probability.

Working out the chance of a certain outcome is what professional gambling hinges on.

The more I think about it though, the more it seems like probability actually applies to almost every field and every profession.

When you're managing resources and expenditure, the probability that certain events or situations will occur is a guiding principle.

Take restaurant management as an example. In order to determine acceptable spend on things like labour, food or other materials, a manager would need to forecast and predict the likelihood of having a busy day and high demand, based on evidence and probability.

Risk management is another sector in which probability probably plays a huge part.

To identify and prioritise risks means dealing with uncertainties that can only be quantified through probability.

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