- Probability refers to the likelihood or chance of a particular event or outcome occurring.
- It is a measure of uncertainty, indicating how likely it is for a specific event to happen.
- Probability is often expressed as a value between 0 and 1, where 0 probability represents an event that is impossible, probability as 1 represents an event that is certain, and values in between represent varying degrees of likelihood.
- The formula for calculating the probability of an event E is:
- Probability Axiom or Probability Bounds (0 ≤ P(E) ≤ 1) indicates that
- The value of P(E) lies between 0 and 1.
- 0 ≤ P(E) means that probability of an event is greater than or equal to 0.
- P(E) ≤ 1 means that probability of an event is always less than or equal to 1.