Answer:
Every one of us would have encountered multiple situations in life where we had to take a chance or risk. Depending on the situation, it can be predicted up to a certain extent if a particular event is going to take place or not. This chance of occurrence of a particular event is what we study in probability. In our everyday life, we are more accustomed to the word ‘chance’ as compared to the word ‘probability’. Since Mathematics is all about quantifying things, the theory of probability basically quantifies these chances of occurrence or non-occurrence of certain events. In this article, we are going to discuss what is probability and its two different types of approaches with examples.