Probability and statistics, the branches of mathematics concerned with the laws governing random events, including the collection, analysis, interpretation, and display of numerical data. Learn more about the history of probability and statistics in this article.
Probability is the branch of mathematics where we determine how likely an event is to occur. It is represented as a numeric value ranging from 0 to 1. Probability can be calculated as: Total outcomes represent the complete set of possible results an event can produce.
The study of probability is important because it deals with quantifying problems with uncertain results. For example, in manufacturing, it is always uncertain whether or not a manufacturing process will produce a product with defects.