Meaning of Probability

Probability is very important tool of maths which can be used in business for planning and decision making. Probality means chance. Happening or not happening any event is probability. Probability is the ratio of total favourable numbers divided by total numbers. Suppose, we have a coin. We threw it in the sky. Now, total number of cases are 2 means head and tail. Either head will come or tail will come. Suppose, we estimate that head will come. This estimation can be numerically defined as the probability of head. For this, we have to calculate the favourable number of head. It will be 1. So, probability will be = 1/2 = 50% chance of coming head in one toss.

Simple formula of Probability

= Favourable No. of Cases / Total No. of Cases

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Svtuition: Probability Meaning
Probability Meaning
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