closer to 1, that the risk will pay off, then taking the risk is worth it for the reward. In relation to risk, probability is used to figure out the chance that taking a risk will pay off.
Probability theory is also used to describe the underlying mechanics and regularities of complex systems. Probability is often used in mathematics, statistics, finance, gambling, science, artificial intelligence/machine learning and philosophy. The relative frequency with which an event occurs or is likely to occur.The relative possibility that an event will occur, as expressed by the ratio of the number of actual occurrences to the total number of possible occurrences.A probable event, circumstance, etc.: Our going to China is a probability.A strong likelihood or chance of something: The probability of the book's success makes us optimistic.it will not happened, and 1 is a 100% chance of the event happening. Probabilities are given a value between 0 or 1, where 0 is a 0% chance of the event happening, i.e. Workplace: Product of the consequence and probability of a hazardous event or phenomenon.Ī probability, on the other hand, is a measure or estimation of how likely is it that an event will come to pass, or that a statement is true.