Question

What is the difference between probability and prediction?

Answer 1

Hint: In this question, we need to tell the difference between probability and prediction. For this, we need to understand the concepts of probability and prediction in detail.

Complete step-by-step answer:
Let us first understand the concept of probability.
Probability is just the likelihood of something occurring. When we are uncertain about the result of an incident, we might discuss the possibilities of several outcomes—how likely they are.
A prediction, often known as a forecast, is a statement concerning a future scenario or data. They are frequently, sometimes not, founded on experience or expertise.
Now, let us discuss the difference between probability and prediction.
The distinction between probability and prediction is that the former is built on a collection of data and ranges from exceedingly improbable to incredibly likely. The forecast, on the other hand, is definitive and will either be correct or incorrect.

In simple words, we can say that probability is the subgroup of possibility, which is the universal set. Its value lies in the range 0 to 1 whereas prediction will be either wrong or right so only two possibilities are there.

Additional Information: Probability is extremely important in everyday life. It is widely used in various fields such as Weather forecasting, sports, and gaming tactics, buying or selling insurance, online shopping, online games, blood group determination, and political strategy analysis.

Note: The concepts of probability and prediction plays a significant role in a day to day life. Probability is often used to make predictions about the likelihood of an event occurring given the overall number of alternative possibilities.