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Probability

Measuring how likely an outcome is.

Probability gives uncertainty a number. It does not tell you exactly what will happen next, but it helps you reason about what to expect.

Tiny example

A fair coin

A fair coin has two equally likely outcomes.

The probability of heads is 1 out of 2, or 1/2.

Why it matters

Probability helps with games, risk, sampling, statistics, simulation and decisions under uncertainty.

Things to watch for

  • Thinking unlikely means impossible.
  • Expecting a small sample to look exactly like the long-run probability.
  • Adding probabilities when the events should be multiplied.

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