The probability of an event occurring can be found by dividing the number of possibilities of the event successfully occurring by the total amount of events possible. Probability can be expressed as a decimal but is more commonly expressed in a percentage, which is obtained by multiplying the decimal number by 100.
Continue ReadingProbability is an important part of the field of statistics. It is one of the main metrics used to describe chance or random events. Probability has practical real world applications like card and game strategy, as well as to complete risk versus reward scenarios and make optimal choices in business.
The simplest probability to calculate is when all possible events are known. For example, when rolling a dice, there are six possible ways that it can land. The probability of it landing with the three side face up is one of the ways it can land, which means it has a probability of one in six, or approximately 16.67 percent.
The probability of multiple events can be calculated by adding or multiplying probabilities of individual events together. For example, the probability of rolling an even number on a single dice is 50 percent, because three of the six possible rolls are even.
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