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Probability is an expectation of the happening of some event. In our day-to-day life, we often predict the outcome of several events, and often hear phrases such as probably it will be a hot day today or it will probably rain tomorrow. These statements involve an element of uncertainty and hence questions such as how to measure the uncertainty of the happening of something arises. Probability is just an attempt to quantify this method of predicting the future events with the help of some concepts. The theory of probability deals with those situations in which a particular result or outcome is not certain, but it can be any one of the several possible outcomes given to us for consideration. As a decision maker, we will be required to use this tool of probability to obtain called “satisfycing output”, keeping all the variables in mind.

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