Probabilities refer to the likelihood or chance of an event occurring. It quantifies how likely it is for different outcomes to happen based on certain conditions or assumptions.
Related terms
Probability Distribution: A function that describes all possible values an event can take along with their associated probabilities.
Conditional Probability: The probability of one event happening given that another event has already occurred.
Law of Large Numbers: As more observations are collected, the relative frequency probability approaches the actual probability.