Common Misconceptions
- “If an event hasn’t happened for a while, it’s due to occur”: This is known as the gambler’s fallacy. In independent events, like coin tosses, the odds remain the same regardless of previous outcomes.
- “Adding probabilities of two events gives the probability of either occurring”: This is only true for mutually exclusive events. Generally, the correct formula is:
P(A or B) = P(A) + P(B) – P(A and B)
How to Calculate Probability
Probability is a fascinating and vital field of mathematics that deals with calculating the likelihood of events occurring. It is a concept that permeates our daily lives, from predicting weather patterns to making informed decisions in business and finance. For students, understanding probability is not only crucial for academic success but also for developing analytical skills that are applicable in various real-world scenarios.
In this article, we will discuss how to calculate probability.
Table of Content
- What is Probability?
- Important Formulas of Probability
- Conditional Probability
- Probability Distributions
- Common Misconceptions
- Conclusion
- Solved Problems on Probability
- FAQs on Probability
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