Probability Theory: An effort to bind chance factor

Initially developed for gamblers of 16 ^th century, probability theory has crept into all the disciplines in the modern world. Gambling is called the game of chance. But every exact science is also influenced by this “game of chance”. There is a deterministic and probabilistic perspective to every subject. Deterministic aspects can be exactly determined and controlled completely. But the probabilistic part cannot be controlled completely and hence becomes a “game of chance”. Let’s take two examples one from the field of medicine and one from engineering science. In medical science different steps in the surgery of an individual is deterministic, but reaction of body of individual to this surgery is probabilistic. Number of days spent in the hospital before he/she is discharged and the speed of his/her recovery is probabilistic. Similarly in a manufacturing industry, steps in the production of an electronic device are deterministic. But number of defective in a lot, time of first failure of this device and life time of this device are probabilistic. The concept of probability initially developed for gambler is now replicated in all the disciplines. Here the probability is quantified with a mathematical value p, where p is between 0 and 1. Our aim is to use different theorem developed in this field and find a suitable value of p. An accurate value of p will help us in making valid inference about the population from the sample.