PROBABILITY
CONTENT
- Definition of Terms in Probability
- Application Areas of Probability
- Experimental Probability
- Difference between Chance and Probability
- Theoretical Probability
Definition of Terms in Probability
Probability is a measure of the likelihood of an event happening, that is, the likelihood of a required outcome. The required outcomes are the required possibilities in an occurrence or happening.
In the form of a fraction, Probability = \(\frac{\text{no. of required outcomes}}{\text{no. of possible outcomes }}\)
The result (value) of this fraction ranges between \(0\) and \(1\).
Probability is \(1\) if it is certain that something will happen. Probability is \(0\) if it is certain that something cannot happen.
Probability is ordinarily used to describe an attitude of mind towards some proposition of whose truth we are not certain. The proposition of interest is usually of the form “Will a specific event occur?” The attitude of mind is of the form “How certain are we that the event will occur?” The certainty we adopt can be described in terms of a numerical measure and this number, between \(0\) and \(1\), is called probability.
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