Probability theory is the branch of mathematics concerned with analysis of random phenomena. In other words, probability defines the possibility between happening of an event and non-happening of that event. For example: There are 50 percent chances of getting head on tossing a coin. Probability is a measure of uncertainty.
Let E be any event. If m is the favorable number of outcomes and n is the number of total outcomes.
Probability of occurrence of the event E = P(E) = favorable number of outcome/total number of outcomes = m/n
Example: If a coin is tossed, probability of getting head is 1/2.
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