It wasn’t until the sixteenth century that people started to quantify risks and to apply this concept to everyday situations.
Today, the idea of risk or probability is a part of our lives.
“There is a 40% chance of rain in Omaha today.”
“The Florida State University Seminoles are favored 2 to 1 over the Louisiana State University Tigers this Saturday.”
“There is a 50–50 chance that the stock market will reach an all-time high next month.”