Answers ORL20306 Decision Science 1

Answer: 1INTRODUCTIONIf you flip a coin, what are the chances of it getting heads? Half, exactly. And what if you fliptwo coins, what are the chances of both of the coins getting tails? One quarter. This is whatprobability is.Probabilityis a mathematical instrument that is used to study randomness. Itis concerned with the possibility (probability) of an event occurring. Probability can never benegative. If the probability of an event occurring is 1, then it is certain that the event willdefinitely occur. If the probability of an event occurring is 0, then it is certain not to occur.For example, if you roll a dice once, what is the probability of getting a 7? None. Becausethere is no chance of getting a 7 from a dice, so the probability calculated will be 0/6 which iszero. Probability is denoted asP(E)