Theory:

Probability means chances of occurrence of events. It is a way of measuring uncertainty.
It is the most crucial mathematical concepts that we encounter in our day-to-day life.
  
Let's see a simple and familiar example to understand this concept better.
Example:
Chances of getting a head or a tail in tossing a coin.
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Chances that the train would arrive late to the station.
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Chances that it would rain on a sunny day or not.
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Chances that he/she wins or loses a game.
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Chances that the company stock prices may go up or down.
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So, we understood that probability means the chance of the events may or may not happen.
 
Concerning the situations, probability also differs. It may happen or may not happen, or something impossible to happen, and some are certain to happen.
 
Let us see other examples. The below statement explains the kinds of probability.
 
SituationsProbability
We are getting old on each day.Certain to happen.
It may rain today.May or may not happen.
Sunrises from the West.Impossible to happen.
Head will come if you toss a coin.Possible to happen.
India was definitely going to win this match.India may win or lose.
 
Now we got a clear understanding of probability. But why do we have to know about probability? How does it affect and help us in our real life?
 
Let's see the answer to the above questions.
Application of probability:
The concept of probability began with gambling. But it has since been applied to a wide range of areas, such as:
 
1. Physical sciences
 
2. Commerce
 
3. Biology
 
4. Medical decisions
 
5. Insurance
 
6. Weather forecasting and so on.
 
Values of probability:
Probabilities can be expressed in terms of fractions, decimals or percent.
 
The values of probability range from \(0\) to \(1\).
 
If the particular event is certain to happen, then that probability will be \(1\).
 
If the event is cannot occur then the probability for that event is \(0\).