I honestly hated numbers. I carefully avoided it through my secondary school and university days by carefully choosing courses that didn’t involve it. Look at me no, doing am MBA, Probability is here to be my friend.
Probability is a branch of mathematics that deals with the study of the likelihood or chance of events occurring. It is the study of uncertainty in the context of random events or experiments. The concept of probability is used in various fields, including statistics, physics, finance, and engineering, to name a few.
In simple terms, probability refers to the likelihood of an event happening. Probability is always expressed as a number between 0 and 1. An event with a probability of 0 is impossible, while an event with a probability of 1 is certain.
For instance, flipping a coin has a probability of 0.5 for getting heads and 0.5 for getting tails. This means that the probability of getting heads is equal to the probability of getting tails. Similarly, the probability of rolling a dice and getting a 1 is 1/6 or approximately 0.17.
When we talk about the probability of an event, we are referring to the ratio of the number of ways that event can occur to the total number of possible outcomes. For example, consider a bag that contains five red marbles and three blue marbles. The probability that a person will pick out a red marble when he picks one out randomly can be calculated as the number of red marbles divided by the total number of marbles in the bag, which is 5/8.
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