Theoretical Probability
The probability of an event is a measure of how likely that event can occur.
Consider an experiment in which all the outcomes are equally likely to occur. Theoretically, the probability of an event A, denoted by can be computed as the number of outcomes in the event divided by the number of outcomes in the sample space. It is written as
where n is the number of outcomes in the event and N is the number of outcomes in the sample space.
The probability of an event A that is certain to happen is equal to 1. If an event A is impossible to happen, its probability is equal to 0. Thus, the probability of an event A must be between 0 and 1, inclusive; that is,
If the probability of an event A is close to 1, then the event is most likely to occur.
