Chance and Probability

What is meant by Chance?

The possibility of occurring an event is called the chance of an event. Suppose Messi takes 1 out of 3 penalty corners from its past record, then the chance of hitting a penalty corner by Messi is, 1/3 or 33%.

What is Probability in Mathematics?

In mathematics, chances are called probability and we define probability as the ratio of, favorable outcomes to the total outcomes of any event.

What is Probability Formula?

The probability formula or the formula used to find the probability of any event is,

P(E) = Favourable Event (Numbers)/Total Event(Numbers)

Where is Probability used in Real-Life?

The probability formula in real life is used to find the outcome of various events.

• It is used in weather forecasting
• It is used in Stocks Prediction
• It is used in defining the behavior pattern of consumers.
• It is used in predicting the growth of a company, etc.

Chance is defined as the natural occurrence of any event without any interference, we can also say that the possibility of any event is the chance of the event, and mathematically we define the chance as the probability of an event.

Probability refers to the likelihood of the occurrence of an event. The event may or may not occur. For example, we have some of the real-life statements which we hear in our daily lives:

• My uncle may visit us today
• There is a good chance that it may rain tomorrow
• The school may probably take us to a picnic in June
• Schools may reopen in March

These daily life statements use terms like ‘probable’, ‘may’, ‘has a good chance’, ‘likely’ etc., so it is clear that there is no surety of occurrence, it may occur, or it may not occur, so this is called chance. In other words, a chance is a possibility of something happening. And in mathematics, probability is known as chance. Chance and Probability is an important topic for Class 7 and Class 8 students.

In this article, we will learn about, Chance, Probability, Formula of Probability, and others in detail. The concepts of probability are frequently used in Statistics, engineering, data science, and hypothesis testing.