In mathematics, particularly in the field of statistics, a "favorable outcome" refers to the result of an event. A favorable outcome divided by all possible outcomes signifies the likelihood of an event's occurrence. More »

Theoretically, define the probability of a specific outcome of any event as the ratio of the number of outcomes that favor that specific outcome to the total number of possible outcomes of that event. Mathematically, def... More »

www.reference.com Math Statistics

Make a budget analysis by calculating variances, determining if the variances are favorable or unfavorable and then analyzing the variances. These steps help organizations better understand their financial positions. More »

In mathematics, particularly in the field of statistics, the mode is the value that occurs most often in a series of numbers. It is also referred to as the modal value. If a set of data values does not have a repeating n... More »

Cumulative probability is used in statistics to determine the probability of a particular outcome given the previous outcomes of the same problem with the same variables. For example, cumulative probability can be used t... More »

Theoretically, define the probability of a specific outcome of any event as the ratio of the number of outcomes that favor that specific outcome to the total number of possible outcomes of that event. Mathematically, def... More »

www.reference.com Math Statistics

The theoretical definition of probability states that if the outcomes of an event are mutually exclusive and equally likely to happen, then the probability of the outcome "A" is: P(A) = Number of outcomes that favors A /... More »