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Playing with Probability
Probability expresses the likelihood or odds of something to happen. If the weather forecasts 20% chances of rain odds are that it will not rain. Another example of probability are raffles. You put your name on a ticket along with 9 other people with tickets. What are the odds that your ticket will be chosen? Since there are 10 tickets the likelihood of your ticket being drawn is 1 in 10. This means if a ticket is drawn 10 times your ticket will be drawn once. However, probability is based on statistics and the odds can work in your favor. All 10 people who had their name on a ticket all have the same 1 in 10 chance of being chosen. The winner whose ticket is drawn beat the odds. Therefore, probability is theoretical. Another good way to conceptualize probability is with a standard deck of playing cards.
How does probability compare with the actual outcome?
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