# What is Probability?

Not what you're looking for?

Define probability and explain its three perspectives. Can you also provide an example of each.

##### Purchase this Solution

##### Solution Summary

This solution examines the three perspectives of probability.

##### Solution Preview

What is probability?

- Probability deals with chance. It is a measure of the likelihood of an event happening given a certain number of tries. Generally speaking you can say that probability is represented on a percentage scale. In statistics however, it is most likely to be represented by a decimal number that falls somewhere between and including 0 and 1. So for example a 2% chance would be written as 0.02 probability, while a 20% chance would be written as 0.2 probability. (Fractions are also common).

- The closer you are to 0, the less likely it is that the event being considered will happen. The closer you are to 1, the event then has a higher chance or probability of happening.

Important terms in the study of probability:

- Experiment: "a process that leads to the occurrence of one and only one of several possible observations" (Lind, Marchal, & Wathen, 2008) For example, if you have 5 peanut M&M's left in ...

##### Purchase this Solution

##### Free BrainMass Quizzes

##### IPOs

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

##### MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

##### Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

##### Learning Lean

This quiz will help you understand the basic concepts of Lean.

##### Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.