5 Common Applications of Probability in Real Life Probability is a well-known mathematical term that, in simple words, can be defined as the possibility of occurrence of an event. Knowingly or unknowingly, we use this phenomenon in our day-to-day life to make decisions when are we are dubious about the outcomes, such as while playing cards, tossing a coin, or assuming the weather forecast. Most of the times, we don’t perform actual probability problems but use subjective probability to come to a conclusion and determine the best course of action. The concepts and theories of probability are widely used in various fields of study, including statistics, science, stock exchange, artificial intelligence, finance, product designing, gambling, machine learning, computer science, philosophy, and game theory. Below we have discussed a few common applications of probability in real life: 1. Weather Forecasting Meteorologists make the use of probability theories and concepts to predict