probability

Vocabulary Word

Definition

Probability is a statistical term that refers to the likelihood of an event happening. For instance, in a card game, the probability of drawing a red card from a deck is 26 out of 52.

Examples in Different Contexts

In technology, especially in algorithms and machine learning, 'probability' is used to quantify the uncertainty and make predictions. A software engineer might say, 'We use probability distributions to model the uncertainty in our system and make informed decisions.'

Practice Scenarios

Business

Scenario:

Seeing the recent fluctuations in the market, we need to recalibrate our investment strategy.

Response:

We can use probability to determine the most efficient allocation of our capital.

Tech

Scenario:

With the advancement in AI, we can improve efficiency by predicting certain outcomes.

Response:

Indeed, we can use probability algorithms to predict user behaviour and improve the user experience.