Theory, Practice and Techniques in Probability Theory

The word probability has several meanings in ordinary conversation. Two of these are mainly important for the development and applications of the mathematical theory of probability. One is the interpretation of probabilities as relative frequencies, for which simple games involving coins, cards, dice, and roulette wheels provide examples. To effective task in society, citizens need to overcome their deterministic thinking and accept the existence of fundamental chance in nature. Together, they need to attain strategies and methods of reasoning that assist them in making satisfactory decisions in everyday and professional situations where chance is present. This need for probability literacy has been renowned by educational establishments in many countries by including probability in the curricula at different educational levels and in the education of teachers. However, including a topic in the curriculum does not automatically assure its correct teaching and learning; the specific characteristics of probability, such as a multifaceted view of probability or the lack of reversibility of random experiments, are not usually found in other areas and will create special challenges for teachers and students.. Probability theory is important when it comes to evaluating statistics. If in an opinion poll you find that 80% of the people you asked liked the current President, it is very tempting to conclude that the President is very popular. But how do you know that your result did not just occur by chance? Well, you use probability theory to calculate the probability that your result occurred by chance — if this probability is very small, then you should conclude that the President is popular. Most every business decision you make relates to some aspect of probability. While your focus is on formulas and statistical calculations used to define probability, underneath these lie basic concepts that determine whether - and how much - event interfaces affect probability. Together, statistical calculations and probability concepts allow you to make good decisions, even in times of uncertainty.

The entitle text “Theory, Practice and Techniques in Probability Theory” is geared toward readers who wish to learn the basics of probability theory, as well as those who wish to attain a thorough knowledge in the field. This comprehensive book tackles the principal problems and advanced questions of probability theory, which are presented in logical order, but are also easy to deal with individually. This is a graduate level text on measure theory and probability theory.