A school has ordered books from a reputed Publication house in January.
The school management wanted to verify the reliability of the Publication house.
The management then ordered the staff-in-charge to check the previous contracts made with the company and found that \(95\%\) of the books were delivered in perfect condition.
Even for the upcoming order, the school expects the same level of perfection. Do you think it is possible to achieve the same perfection level in every other order that follows?
In this situation, anything could happen. The level of perfection could be lesser than, greater than, or same as the previous order. Therefore, all possible outcomes have to be taken into consideration.
We are not able to come up with an exact solution. These are called uncertain circumstances, and we use probability to predict an outcome's possibility to occur.
Probability is a way of measuring uncertainty.
Let us look at a few situations where probability is used:
1. Tossing of a coin
2. Result of a sporting event
3. Weather forecast