What is Probability?
Probability is the measure of the likelihood of an event occurring. It is represented as a number between 0 and 1, where 0 indicates impossibility (the event will not occur) and 1 indicates certainty (the event will occur).
In practical terms, probability allows us to quantify uncertainty and assess the relative chances of different outcomes.
Probability Rules
Probability is a crucial concept in mathematics and statistics that enables us to quantify uncertainty and make informed decisions in various fields. Whether it’s predicting the outcome of an experiment or assessing risk in finance, probability rules provide a systematic way to analyze and understand random phenomena.
In this article, we’ll explore the fundamental principles of probability, starting with its definition and then delving into the essential rules governing its calculations.
Table of Content
- What is Probability?
- Probability Rules
- Addition Rule
- Multiplication Rule
- Complement Rule
- Conditional Probability
- Sample Questions on Probability Rules