Probability can be called the mathematics of chance. Probability theory is unusual because we cannot predict with certainty the individual outcomes of a random process, like flipping a coin or rolling a die, yet we can assign a number to the likelihood of a specific outcome. Probability theory is famously used in games of chance, and mathematicians initially studied it to answer questions about such games.

Beyond gambling, this theory is applied in many other fields, such as insurance, investment, weather forecasting, genetics, medicine, and daily life. This book presents the fundamental concepts of probability in a direct, simple, and easy-to-understand way. It requires a basic knowledge of arithmetic (fractions, decimals, percentages) and algebra (formulas, exponents, order of operations).

This book can be used to learn the core concepts of probability theory and serves as a self-study guide or a supplementary reference for those taking courses in probability, statistics, or any related subject. The fundamental concepts are explained in the first two chapters, followed by the rules of multiplication and addition, and then the concepts of odds and expectation. Chapter six covers counting rules necessary for binomial and other distributions, which are discussed in chapters seven and eight. The relationship between normal distribution and probability is detailed in chapter nine. Chapter ten explains the modern Monte Carlo method for simulations. Chapter eleven discusses the use of probability in game theory, and chapter twelve illustrates its application in actuarial science. Additional information on Bayes' theorem is provided in the appendix due to its relative complexity.

In addition to covering probability concepts, each chapter concludes with a 'Probability Tidbit' section, which covers historical aspects of the theory's development or comments on its use in gambling and everyday life.

• Author: Allan G. Bluman
• Publisher: Arab Scientific Publishers, Inc.
• Year of Publication: 2003
• Number of Pages: 253
• ISBN: 995329416X