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Probability concepts - definition and parameters of the probability

Sumit Agnihotri
21 Oct 0 0

Probability

A number between 0 and 1 that describes the likelihood of an event occurring. A probability of 0 means the event is impossible, and a probability of 1 means the event is certain. 

 

Random variable

A quantity with an uncertain outcome. For example, the result of rolling a die is a random variable. 

 

Event

A set of outcomes of a random variable. For example, rolling a 2 or rolling an even number are events. 

 

Mutually exclusive events

Events that can't happen at the same time. For example, rolling a 2 and rolling a 3 are mutually exclusive events. 

 

Exhaustive events

Events that cover all possible outcomes. For example, rolling an even number or rolling an odd number are exhaustive events. 

 

Venn diagram

A graphical representation of a sample space and events. 

 

Types of probability

There are three types of probability: theoretical, empirical, and subjective. 

Probability is the Ratio of favourable outcomes to the total outcomes of a random experiment.

 

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