Probability theory is devoted to calculating the possibility of various events’ occurrence. The basic concept of probability theory is a random event. This is usually correlated with the event, which is impossible to predict. The probability theory is based on applying mathematical models for estimating the possible variants of different events’ occurrences. Probability theory introduces particular concepts of math and logic using the inherent to these scientific terms (Samb, 2018). The basic notions in the probability theory are the terms of random events and possibility. Particular circumstances are put under the tests or, in other words, experiments implying the fulfillment of a specific set of conditions in which one or another phenomenon is observed. According to the probability theory, test results cannot be predicted in advance (Samb, 2018). The tests themselves can be repeated, although theoretically, it is represented an arbitrary number of times with an unchanged set of conditions.
The probability theory is regulated by several factors and implements various mathematical approaches helping to calculate the chance of random events. An essential rule regulating this theory is that the probability of any event should always be between 0 and 1. If the likelihood of an event is zero, then such an event is called impossible, but if the probability of an event is equal to one, then such an event is called certain. The meaning of the 0 to 1 period is expressed through the true or false relationships of the possibility of particular circumstances (Samb, 2018). An event is called certain if it must happen and vice versa: an event is called impossible if it certainly cannot occur (Samb, 2018). Thus, the likelihood of a particular event assumes a value between 0 and 1, accounting for the minimum and maximum possibility of the specific event.
Reference
Samb, G. (2018). Mathematical foundations of probability theory. SPAS Books Series.