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Showing posts from October, 2018

Horse Racing Odds

This showcases how odds are used in a real world application.

Post 1: Probability

In the first 2 weeks of MAT257 Probability has been a heavy emphasis. One activity we utilized to analyze elements of probability is playing repeated trials of rock paper scissors. The game was supposed to lend itself to the concept that the game should be fair because with any given hand you play(rock, paper, scissors) you have an equal chance to lose, win or tie. I noticed different intricacies, such as some players may have a tendency to over use a certain hand and thus misconstrue the expected results quite significantly. But what should eventually be noticed is that repeated trials will get you closer and closer to that theoretical probability of winning 1/3 of the time, losing 1/3 the tie, and tying 1/3 the time. I think it is important to see that a small sample of rock-paper-scissor games may be off the theoretical probability, but adding more and more trials gets you inching closer and closer to the expected outcome. Bernoulli's theorem on statistics is exactly that repeat...