Probability quantifies uncertainty. P(Event) = Number of favorable outcomes / Total possible outcomes.
Key Concepts
- Independent events: P(A and B) = P(A) Γ P(B)
- Mutually exclusive: P(A or B) = P(A) + P(B)
- Conditional: P(A|B) = P(A and B) / P(B)
- Complement: P(not A) = 1 β P(A)
Permutations vs. Combinations
Permutations (order matters): nPr = n! / (nβr)!
Combinations (order doesn't matter): nCr = n! / [r!(nβr)!]