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An Overview of the Basic Theory of Probability Theory and its Commercial Application
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Abstract
Probability theory is a key field of mathematics that focus on developing theoretical models and mathematical frameworks to describe and analyze random events or processes. As a part of basic science, probability theory holds a central place in pure mathematics while also serving a crucial function across various domains, including natural science, social science and engineering technology. This paper summarizes the main concepts, basic theories and commercial applications of probability theory. Probability theory encompasses ideas such as random experiment, sample space, event, probability, conditional probability, independence, Bayes’ Theorem, random variable, probability distribution, expected value and variance, law of large numbers and central limit theorem. This paper provides an overview of key concepts and theorems from probability theory, along with their practical applications in everyday life, in order to make people deeply recognize the broad and profound contents and research fields of probability theory and its wide application in various fields as an academic tool, which has a great relation with people.
Keywords
probability theory, Probability space, Random variable, Bayes' theorem.
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Cite this article
Wang,Y. (2024). An Overview of the Basic Theory of Probability Theory and its Commercial Application. Theoretical and Natural Science,56,100-104.
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Volume title: Proceedings of the 2nd International Conference on Applied Physics and Mathematical Modeling
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