Probability Basics

Probability → Basics

Randomness and uncertainty exist in our daily lives as well as in every discipline in science, economics. finance, engineering, and technology. Probability theory is a mathematical framework that allows to describe and analyze random phenomena. These random phenomena are events or experiments whose outcomes cannot be predicted with certainty.

For example, the outcome of rolling a die is random and cannot be predicted with certainty. So, when something is random, it means our knowledge about the outcome is limited, and we cannot be certain what will happen.

Next: Basic Probability Vocabulary