Probability

The prediction of a certain outcome to occur, is known as the probability or the likelihood of that event. Probability is the quality or state of being probable, the extent to which something is likely to happen or be the case.

3 types of probabilities

1. Theoretical Probability : Based on predictable parameters
2. Empirical Probability : Based on historical and geological records
3. Subjective Probability : Based on experience or intuition