A probability project can use historical known data to more adequately predict something in the future. For example, a probability salary project may be based on your earnings having increased by 10 percent each year for the last several years. If nothing indicates any changes to the pattern, then the probability of this trend continuing can be considered high. Thus the aim of the salary project is to determine expected income at some point in the future, which provides you with the ability to pre-plan.
The purpose of undertaking a probability project defines its aim to some extent. You need to know what you intend to achieve with the results. For example, a project that a school system needs to undertake on a fairly regular basis is forecasting, with as much accuracy as possible, how many teachers it’s going to require over the next few years. The forecast is based upon the probability of an increase or decrease in the number of children likely to attend school in that particular system. The aim of the school project is to ensure an adequate number of teachers will be available, which also affects the school system's financial position and the amount of funding available.
The more information that is available, the better the chances are of working out future probability. Probability isn’t an exact science, hence, its name. However, probability is used by everyone, most often without their even realizing it. You leave home to get to your workplace at the same time each day; the journey takes 30 minutes; therefore, you assume that the probability of the trip taking 30 minutes tomorrow and the next day is the same. More than likely, you don’t keep written statistics, but you could set up a travel-time project by recording historical data of the length of your daily journey. You could then calculate the probability as to the journey times to determine which days of the week or other factors affect the time the most.
The uses of probability are myriad, as the world functions to a great extent on the probability of events. The financial markets, industry, tourism and everyday businesses rely on probability to make decisions. Each type of organization effectively sets up a probability project suited to the business' needs and requirements. Ultimately, the aim of any business probability project is to predict something that is totally unknown -- the future. If you make the correct probability projection, you’ve achieved your aim.