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# Probability AnalyticsTrade Team Last updated on 26 Apr 2023

# Probability

Probability is a measure of the likelihood of an event occurring. It is expressed as a number between 0 and 1, where 0 indicates that the event is impossible and 1 indicates that the event is certain. Probability is used in many areas of science, including mathematics, statistics, economics, and finance. It is also used in everyday life, such as in gambling and weather forecasting.

## History of Probability

The concept of probability has been around since ancient times. The earliest known use of probability was by the Greek philosopher Aristotle, who used it to analyze the outcomes of games of chance. In the 17th century, the French mathematician Blaise Pascal and the German mathematician Gottfried Leibniz developed the mathematical theory of probability. This theory was further developed by the English mathematician Thomas Bayes in the 18th century. In the 19th century, the French mathematician Pierre-Simon Laplace developed the modern theory of probability.

## Comparison Table

Event Probability
Rolling a 6 on a 6-sided die 1/6
Flipping a coin and getting heads 1/2
Drawing an ace from a deck of cards 1/13

## Summary

Probability is a measure of the likelihood of an event occurring. It has been used since ancient times and has been developed into a mathematical theory by many mathematicians. Probability is used in many areas of science, including mathematics, statistics, economics, and finance. It is also used in everyday life, such as in gambling and weather forecasting. For more information on probability, visit websites such as Khan Academy and MathIsFun.

• Randomness
• Statistics
• Bayes’ Theorem
• Expected Value
• Standard Deviation
• Variance
• Conditional Probability
• Combinatorics
• Markov Chains
• Monte Carlo Simulation

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