Word Probability means possibility for occurrence of an event. If event has to take place, there can be certain outcomes of the event to occur. Now we will see Why Is Probability Important. In earlier times, probability was only considered while playing with dice or with game of cards. With the advancement in study of probability, it has taken place in almost all fields of life. So we say that today we make use of probability in study of Possibilities to happen in different areas of business. It helps us to check ups and downs of market and even we say that study of probability helps to check rise and fall of economy of nation. Probability has a major role now a day. It is a subject into itself, which leads other fields of life.
Today engineers, managers, doctors, scientists, researchers, Accountants and even senior administrative officers take the deep Interest in the study of probability and it helps us to make the use of this subject in the practical applications in their day to day life. It will help us to understand the possibilities of the event to occur and what will be the after effect if that particular situation occurs.
It helps managers to make policies to overcome certain situations and to be ready for different Probabilities to happen.
It helps us in scientific research and thus it has the major role in growth of particular organization as planning for different situations are done in advance and thus the loss is diminished to possible extent.