Probability Definitions

A measure of how likely an event is to occur, expressed as a number between 0 and 1.

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Probability

A specific outcome or a set of outcomes from a probability experiment.

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Event

The set of all possible outcomes of a probability experiment.

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Sample space

A single result of a probability experiment.

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Outcome

The outcomes that are considered successful for the event of interest.

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Favourable outcome

A formula used to calculate probability: P(Event) = Favorable Outcomes / Total Outcomes.

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Probability formula

Two events that do not affect each other’s outcomes.

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Independent events

Two events where the outcome of one event affects the outcome of the other.

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Dependent events

A procedure that produces one outcome from a set of possible outcomes, where the outcome cannot be predicted with certainty.

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Random experiment

Probability based on reasoning or mathematical calculations, not on actual experiments.

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Theoretical probability