Probability Fundamentals

Probability is a branch of mathematics that deals with the likelihood of events occurring. It provides a way to quantify uncertainty and predict the chances of different outcomes. Probability is used in various fields, including statistics, science, finance, and everyday decision-making.

Here are the key concepts related to probability:

1. Definition:
   • Probability measures the likelihood of an event happening.
   • It ranges from 0 (impossible) to 1 (certain).
   • Events with a higher probability are more likely to occur.
2. Formulas:
   • The probability of an event (E) is calculated as: [ P(E) = \frac{{\text{{Number of favorable outcomes}}}}{{\text{{Total number of outcomes}}}} ]
   • Different situations may require specific formulas.
3. Types of Events:
   • Equally Likely Events: Events with the same probability.
   • Complementary Events: The probability of an event happening plus the probability of it not happening equals 1.
4. Applications:
   • Probability is used in risk assessment, insurance, gambling, quality control, and scientific experiments.

Quantic’s “Probability Fundamentals” course covers essential probability concepts, including rules of sets, unions, intersections, and independent events. Participants will master the symbols, laws, and practical application of probability. Whether you’re a business professional, data analyst, or curious learner, this course equips you with the skills to make informed decisions based on probability¹.