Probability

Probability

In our daily life we come across the words like probably, likely, may be, chance and hope etc. All these are synonyms to probability. Probability is defined as the numerical method of measuring uncertainty involved in a situation. It is widely used in the study of mathematics, statistics, gambling, physical science, biological science, weather forecasting, finance etc. to draw conclusions. An experiment is defined as an action or process that results in well defined outcomes. An experiment, in which we know all the results, but cannot predict them, is called a random experiment.

The possible results of an experiment are called the outcomes A combination of outcomes is called an event.For example when an unbiased die is rolled getting an even number is an event.In this event the outcomes are {2,4,6}. When an experiment is performed, outcomes are said to be equally likely, if each outcome has the same chance of occurring. Probability of event E is defined as :