Probability is a measure of the expectation that an event will occur or a statement is true. Probabilities are given a value between 0 (will not occur) and 1 (will occur). The higher the probability of an event, the more certain we are that the event will occur.
The concept has been given an axiomatic mathematical derivation in probability theory, which is used widely in such areas of study as mathematics, statistics, finance, gambling, science, artificial intelligence/machine learning and philosophy to, for example, draw inferences about the expected frequency of events. Probability theory is also used to describe the underlying mechanics and regularities of complex systems.
Famous quotes containing the word probability:
“Legends of prediction are common throughout the whole Household of Man. Gods speak, spirits speak, computers speak. Oracular ambiguity or statistical probability provides loopholes, and discrepancies are expunged by Faith.”
—Ursula K. Le Guin (b. 1929)
“Liberty is a blessing so inestimable, that, wherever there appears any probability of recovering it, a nation may willingly run many hazards, and ought not even to repine at the greatest effusion of blood or dissipation of treasure.”
—David Hume (17111776)
“Only in Britain could it be thought a defect to be too clever by half. The probability is that too many people are too stupid by three-quarters.”
—John Major (b. 1943)