Basics of Probability
Introduction to the basic terminology of probability and problem solving using set theory.
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Probability is a way to quantify randomness. In other words, it is a measure of uncertainty. To understand probability, first, we start by understanding a few basic terms.
Basic terminologies
Population: The entire group of interest.
Sample space: The set of all possible outcomes of an experiment. For example, throwing a dice can lead to six outcomes (1,2,3,4,5 or 6).
Event: Subsets of sample space are known as events. Each event has an associated probability of occurring.
Axioms of probability:
- Probability always lies between 0 and 1.
- The sum of all probabilities is equal to 1.
- The sum of the probability of an event happening and the probability of the same event not happening is 1.
We will learn more as we proceed further. We can use a tree to calculate probability.
Consider a situation where you are ...