4 4 Probability The Basics

Decision -Making

"Probability is the measure of the likelihood that an event will occur.[1] Probability is quantified as a number between 0 and 1, where, loosely speaking,[2] 0 indicates impossibility and 1 indicates certainty.[3][4] The higher the probability of an event, the more likely it is that the event will occur. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written as 0.5 or 50%)." - Wikipedia

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