There are certain events that have 100% chances of occurrence, for example, a graduate in Mathematics can solve basic probability questions. And, there are certain events that have 0% chances of occurrence, for example, you can fly like airplane. Nothing can be more than 100%, and nothing can be less than 0% in these cases.

We say,

100% chances: Probability = 1

0% chances: Probability = 0

So, a probability is always between 0 and 1, inclusive.

Furthermore, there are events which are more likely to occur than others, for example, chance of a head in tossing a coin is more likely than chance of a six in rolling a dice. The aim of probability is to give numbers to these chances.

Next: Probability Basics

- Probability
- Statistics for Finance

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