Probability and it’s types

2. What is PROBABILITY ???
DEFINITION
Probability is the likelihood that an action will occur and is
calculated by dividing the number of favorable results by
the total number of possible results, we use probability in
daily life to make our decision when we aren't sure about
what the outcome will be.

3. REAL LIFE EXAMPLES

4. PROBABILITY FORMULA

5. TYPES OF PROBABILITY
Theoratical Probability.
Experimental Probability.
Axiomatic Probability.

6. THEORETICAL PROBABILITY
The theoretical probability is defined as the ratio of the number
of favourable outcomes to the number of possible outcomes.
FORMULA OF THEORETICAL PROBABILITY
Probability of Event P(E) = No. of. Favourable outcomes/No. of. Possible outcomes.

7. THEORETICAL PROBABILITY
EXAMPLE
A letter is selected at random from the word
WATCHING.
a. State the number of possible outcomes?
=8
b. What is the probability of selecting a T?
Pr(T) = 1/8
c. What is the probability of selecting a vowel?
Pr(T) = 2/8
= 1/4

8. EXPERIMENTAL PROBABILITY

9. AXIOMATIC PROBABILITY
 The objective of probability is to assign to each event A a
number P(A), called the probability of the event A, which will
give a precise measure of the chance thtat A will occur.