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Probability: Overview

Probability is a branch of mathematics dealing with the analysis of random phenomena. The outcome of a random event cannot be determined before it occurs, but it can be one of several possible outcomes. The actual result is considered random. The probability of an event is a number between 0 and 1. 

Probability is synonymous with possibility, so you could say that it is the possibility that a particular event will happen. Probability is used to predict how likely an event is to happen given the total number of possible outcomes. There are many events that you cannot predict with absolute certainty, but you can predict the probability that an event will occur. You express all probabilistic answers with a value from zero to one.

If an event has zero probability, it means that the event is impossible and will not happen. If an event has a probability of one, it means that the event is certain to happen. If an event has a probability between zero and one, it tells you how likely the event is to happen. The closer the probability is to zero, the less likely it is to happen, and the closer the probability is to one, the more likely it is to happen. The sum of all probabilities for an event is equal to one. There are three main types of probabilities:

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Type of Statistics

Statistics can majorly categorized into two types:

Theoretical Probability

Theoretical Probability

It is based on the possible chances of something happening. Theoretical probability is mainly based on probability reasoning.

Experimental Probability

It is based on the observation of the experiment. Experimental probability can be calculated based on the number of possible outcomes by the total number of trials.

Axiomatic Probability

In axiomatic probability, a set of rules or axioms is set that applies to all types. These axioms are established by Kolmogorov and are known as Kolmogorov's three axioms. With an axiomatic approach to probability, the chances of events occurring or not occurring can be quantified. 

Probability theory is widely used in fields of study such as statistics, finance, and artificial intelligence for machine learning, computer science, game theory, and philosophy.

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