Probability of Occurrence of an Event

The concept of probability of occurrence of an event deals with representing the number of times an event occurred in a particular experiment. There are two major aspects of the probability of an event. The possibility of a certain event is 1 whereas the possibility of an uncertain event is 0. The notion of probability deals with evaluating the aspect of the uncertainty of an event in the random experiment. The occurrence of an event depends on the aspects of likelihood and unlikelihood. The evaluation of probability depends on the number of outcomes of an event. 

Explain the probability of occurrence of an event.

The probability of occurrence of an event deals with evaluating the chances of the occurrence of an event in a random experiment.  The concept provides a wide range of insight regarding the probable state of an event. The occurrence or the chances of occurrence of a random event could be described as the probability of an event. The possibility of the results could be denoted as the definition of probability of occurrence of an event. The calculation of the probability requires the identification of the number of outcomes. The higher the possibility of an event, there remains more the probability of the occurrence of an event. The lower the possibility of an event, there remains fewer chances of the occurrence of that particular event. The probability of the occurrence of an event depends majorly on the likelihood of the event. The probability of an event could be described as the likelihood of the occurrence of the event. The calculations of probability provide the numerical figure of the number of probable outcomes of a random experiment.

The formula of the probability of occurrence of an event

The formula of the probability of occurrence of an event would help to calculate the possibility of happening of an event. The chances of an event happening depend on the probability calculation. The calculation of probability depends on the occurrence of favourable and unfavourable outcomes. The probability of an event depends on the ratio of favourable and unfavourable outcomes. The formula of the probability of occurrence of an event has been stated below:

Probability of an event = Number of favourable outcomes/Total number of outcomes

The function of probability helps to evaluate the possibility of each outcome. The formula would help to determine the likelihood of the outcomes of an event by recalling the number of resulting outcomes. The identification of an event is necessary to evaluate the result of the probability. This formula would help to determine the chances of the event happening of an event.

Probability of risk occurrence

The notion of probability would also help to determine the potentiality of the associated risks of a situation. The concept of probability is applicable to determine the risks associated with the occurrence of an event. The method of probability could be used to identify the aspects of acquisition risk, operational risks and other risks. The approach of probability states that the risk, which has uncertainty in its occurrence, is equal to the value of 0. The event of risk, which has certainty in its occurrence, is equal to the value of 1. The aspect of operational risks involves many aspects namely frequent, likely, occasional, seldom, unlikely which depends on the occurrence of an event. 

Example of probability 

The aspect of sample space and the aspect of an event play a crucial role in the calculations of probability. The concept of probability is also used to resolve real-life problems such as forecasting the report of weather, card games, sports outcomes etc. The fundamental rule about probability is that the range of the value remains from 0 to 1. The example of the probability of tossing a coin = ½ as per the formula. The formula states that probability could be calculated by identifying the number of favourable outcomes, which must be divided by the total number of outcomes. In this way, tossing a random coin would provide a sample space of head and tail which makes the total number of outcomes 2 (head + tail) and the number of favourable outcomes could be either head or either tail which makes the number of favourable outcomes equal to 1. Through this probability method, estimated values can be easily withdrawn with proper analysis. 

Conclusion

It could be stated that the application of probability could help to measure the chances of occurrence of an event. Probability could be implemented to calculate the weather forecast and could be used to evaluate the outcomes of the sports report in a real life scenario. The application of probability also helps to assess the risk associated with the occurrence of an event. The calculations of probability depend majorly on the favourable and the unfavourable outcome ranges from 0 to 1. The value of probability could not exceed the value of 1. The concept would help to identify the actual possibility of an event.