The following Topics and Sub-Topics are covered in this chapter and are available on MSVgo:
It is a measurement of the likelihood that a particular event will occur. It ranges between 0 to 1, where 0 means an event is impossible to occur and 1 means an event will occur for sure (certain).
P= (number of favourable outcomes/ total number of outcomes)= E/S
Where,
Example 1: Suppose you toss a coin; the possible outcomes would be Head or Tail. So, in this case, the exhaustive cases are 2, namely {Head, Tail}. Now, calculate the chances of getting ahead as
Favorable cases/Exhaustive cases = 1/2 = 0.5 is the Probability
Note that the favorable case(s) of getting a head is only one.
Example 2: Suppose you throw a dice, then the possible outcomes, namely, the exhaustive cases, are 6, {1,2,3,4,5,6}. If you consider getting an odd number as a success, let us find out the favorable cases.
The favorable cases are {1,3,5}
Now, you can get the probability of an event of getting an odd number as
Favorable cases/Exhaustive cases = 3/6 = 0.5
So, the required probability is 0.5.
Example 3: Suppose you draw a card from the well-shuffled pack of 52 cards. Let us say that you are interested in finding out the probability that you get a Jack.
Then as a first step, find out the favorable cases:
The favorable cases are 4, namely Jack of Heart, Spade, Clubs, and Diamond.
The Exhaustive cases = 52 cards
Favorable cases/Exhaustive cases = 4/52 = 0.077
So, the required Probability is 0.077
The three primary types of probabilities in practice can be viewed as:
Complementary Probability is any Probability when one event occurs only when the other complementary event does not occur. 1 is the sum of the two events of a complementary Probability. The complementary event is the exact opposite of each other. For example, take going to school and not going to school. In this case, both events are opposite to each other, and their Probability value sums up to 1.
Applications of Probability:
Probability lets us know how likely an event is to occur where all the sample space events have an equal chance. There are different types of probability and have been discussed above. Probability is a very widely used concept that has its applications in most industries and education. Suppose you want to pursue a career in probability and statistics. In that case, you can opt for an undergraduate degree in statistics from reputed colleges like ISI in India.
Probability tells us the likeliness of any event from a given set of all probable events. We calculate it by a formula.
P= (Desired result/ Total number of outcomes)
You can find Probability examples on MSVgo, where each example is based on different types of Probability questions. A simple example is given below.
Example 1: Suppose you toss a coin; the possible outcomes would be Head or Tail. So, in this case, the exhaustive cases are 2, namely {Head, Tail}. Now, calculate the chances of getting a head as
Favorable cases/Exhaustive cases = 1/2 = 0.5 is the Probability
Note that the favorable case(s) of getting a head is only one.
Yes, you can simplify probability to get results easily. Divide the numerator & the denominator by the highest common factor.
On MSVgo, you can learn the meaning of probability intuitively by examples and animations.