Added By waheeda - Jul 13, 2014 - Marketing


The idea of probability is familiar to everyone of us. In our day-to-day life we make statements such as the following: “It is likely to rain today”. “ I will probably go abroad this year”. “ I am almost sure that I will win this game”. All these statements lack a common measure of expression. In the theory of probability, we introduce a common measure of expression by measuring probability between zero and one. If an event has never happened or cannot be expected to occur, it is assigned a probability of zero. If an event is sure to occur, it is assigned a probability 1. for events which may or may not happen, the probability ranges between 0 and 1.




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