Definition: Probability is a mathematical concept in statistics that describes how likely it is to occur an event when several independent trials are performed. It quantifies the likelihood of any single outcome occurring by dividing the number of favorable outcomes by the total number of possible outcomes. In simple terms, probability means "the chance or likelihood of something happening," and it's often expressed as a fraction between zero and one. The more likely an event is, the higher its probability. Probabilities are typically represented in decimal form, where 1 represents certainty (a) and 0 represents absolute impossibility (an extreme probability). For example, if you flip a coin two times, there is only 50% chance of getting heads or tails both times. This can be calculated as P(heads) + P(tails). In contrast, probabilities are not directly measurable in the same way that a standard deviation represents uncertainty. Probability theory studies probability and its applications to statistical inference and decision making. It's widely used in fields such as finance, genetics, computer science, and physics. When discussing probabilities, it's important to note that there can be multiple possible outcomes (for example, heads or tails), so the number of favorable outcomes must also be counted. In summary, probability is a measure of the likelihood that an event will occur based on repeated trials. It uses decimal numbers to describe the chance of each outcome and can be used in statistical analysis to make decisions about risk and decision-making.

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