Probability is a way of predicting the future. You can use it to predict if an event will happen. Moreover, probability helps you determine the total number of outcomes that can occur. You can use probability to predict the outcome of events like rain or roll of a dice. It may also help you find out if you can get an awesome sign-up bonus when you join a casino. Here is more to make the most of your gambling experience at https://www.australiaonlinecasinosites.com/guides/welcome-bonus/.
Now, the question is, how to calculate probability?
Let’s explore more on the topic to expand your knowledge.
How to Calculate Probability?
A simple mathematical formula can help you calculate the probability of an event. The formula is:
P (A) = f /N
Now, let’s discuss the terms of the equation one by one.
- P (A) is the probability of an event happening (event A)
- f = the frequency or number of ways the event may happen
- N = the total number of possible outcomes
Next, we will take a deep dive into calculating probability.
Calculate the Probability of a Single Event with One Outcome
You must decide the event you want to assess. The event should have at minimum of one possible outcome.
For example, the probability of rolling a 6 on a die on your second roll. Here you can have only one favorable outcome, a roll of 6.
Calculate the Total Number of Outcomes
You can now calculate the possible number of outcomes of an event. We will continue with the example of the die and roll of 6.
In this case, a die has six numbers. Therefore, there can be six possible outcomes of this event. You can roll any number starting from 1 to 6.
Similarly, a prediction of rain can have two outcomes. It may rain, or it may not.
Divide Events by Possible Outcomes
You have the number of possible outcomes of your event. So, you can divide the number of events with the number of possible outcomes to find probability.
Rolling your die to land a 6 is a single event. It has six possible outcomes.
So, the probability of rolling a 6 on your second turn is ⅙. Or, the probability of rolling a 6 on your second turn is one out of six.
You can also calculate the probability of several events. Divide the total number of events with the total number of possible outcomes to find the probability.
The formula for finding the probability of multiple events is:
P (A and B) = P (A) x P (B)
The explanation of the terms are:
- P (A and B) is event A and B you want to calculate probability for
- P (A) is the chance of event A occurring
- P (B) is the likelihood of event B happening
You can predict the outcome of an event using probability. There is a simple mathematical formula to calculate probability – P (A) = f /N. It is helpful to predict weather, outcomes of casino games, future sales, and more.