In our real life, we come across the statements involving words like “likely”, “probably”, “chances”, etc.

For example, consider the following statements:

(a) It is likely to rain tomorrow.
(b) Probably, the stock prices of agricultural products will go up next year.
(c) Some parties will have 25% of chance of winning in an upcoming election.

All the above-mentioned statements have the element of uncertainty. These types of uncertainties can be measured numerically by using the concept of ‘probability’ in many cases.

Probability is a branch of mathematics that is widely used in the science, business, finance, and medicine. We use probability to determine the chance or likelihood of an event or evnts. In probability, events are the outcomes of an experiment. The probability of an event is the measure of the chance that the event will occur as an outcome of an experiment.

In this topic you learn how to apply your understanding of probability to solve a wide range of problems.