- Probability is a fundamental concept in mathematics and statistics.
- It quantifies the likelihood of an event occurring. Probability is expressed as a number between 0 and 1. A probability of 0 means that the event will not happen (an impossible event) and probability of 1 represents a certain event and values in between reflect varying degrees of likelihood.
- Probability Axiom or Probability Bounds (0 ≤ P(E) ≤ 1) indicate that the probability of an event (P(E)) is always a value that falls between 0 (inclusive) and 1 (inclusive).
- The sum of two complementary events is equal to 1.
- The formula for calculating the probability of an event E is:
- Whether it's predicting the weather conditions, assessing the chances of winning a game, or making informed financial investments, probability is an essential tool that helps us in making rational decisions in situations where outcomes are uncertain or unpredictable.
