11.1 Basic Concepts
When we first begin to explore the concept of probability, we may find ourselves wondering just what it means. Essentially, probability is a way to quantify the chances of a particular outcome occurring in a situation where there is some degree of uncertainty. By assigning a numerical value to the likelihood of a given event, we can equip ourselves with a powerful tool for making informed decisions, analyzing data, and making projections about the future.
This can be especially useful in a variety of contexts, such as in business, finance, or even in our personal lives when we are faced with difficult choices or complex situations. By understanding probability, we can better equip ourselves to navigate the world around us and to make informed choices based on the best available knowledge and evidence.
In order to gain a better understanding of these concepts, it is important to dive deeper into each of them. Let's explore each key term in more detail:
- Experiment...