Imagine you're at a football game, where both teams kick off with equal odds of victory. As the game progresses, the likely winner becomes more apparent. How about investors who put their money into specific stocks? They make risk-based decisions considering certain factors. Or think about those who purchase waitlisted train tickets in the hope of confirmation - they're taking a chance too.
Understanding Chance and Probability - Testbook
Last Updated on Jul 31, 2023
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The Concept of Chance and Probability in Events
Life is full of situations where we must take a chance or risk. The likelihood of a certain event occurring can often be predicted based on specific circumstances. Essentially, this concept of the likelihood of an event's occurrence is what we explore in probability .
Let's say you're engaging in a friendly card game. Can you determine the outcome or draw a specific card from the deck? Of course not. This is what we call a random experiment, and the possible outcomes are the cards in the deck. Thus, experiments without a fixed result are deemed random experiments. The result obtained after a random experiment is known as the experiment's outcome. Each outcome or a collection of outcomes constitutes an event. If every outcome has an equal chance of occurring, these outcomes are equally likely. For instance, in a card game, the chances of drawing any card from the deck are equally likely.
The Formula for Probability
The probability of an event occurring is defined as the ratio of the number of favorable outcomes to the total number of outcomes.
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Frequently Asked Questions
What is probability?
Probability is the study of the chance of occurrence of a particular event. It is defined as the ratio of number of favorable outcomes to the number of total outcomes.
What are random experiments?
Random experiments are those which do not have a fixed result. The outcome of such experiments is uncertain.
What is an equally likely outcome?
If each outcome of an experiment has an equal chance of occurrence then these outcomes are termed as equally likely.
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