Probability is a way of expressing knowledge or belief that an event will occur or has occurred. The concept has an exact mathematical meaning in probability theory, which is widely used in such areas of study as mathematics, statistics, finance, gambling, science, Artificial intelligence/Machine learning and philosophy to draw conclusions about the likelihood of potential events and the underlying mechanics of complex systems. Probability theory is a branch of applied mathematics and is used in various branches of mathematics and science as well as our everyday life in risk assessment in business, commodity market, insurance sector, economics, etc.
The term Probability is originated from the Latin word probabilitas which means probity or measure of the authority/nobility of a witness. Although this is different from the modern definition of the probability but Latin meaning is quite closure to in the form of statistical inference. Probability was invented and started in 16th century by Pierre de Fermat, Blaise Pascal and Christian Huygens while Jakob Bernoulli and Abraham de Moivre’s effort gave it reputation as a discipline of mathematics.
Probability theory is a representation of maximum probabilistic concepts in an equation or situation and is concerned with the uncertainty of a question. Through probability theory formal terms of the question are manipulated by the rules of logic and mathematics to know the maximum possible choices of certainty of specific answers, solution or a decision.
It is based on randomness and uses various complex mathematics functions and elements to solve the problems including Black Swan theory, Calculus of predispositions, Chance (disambiguation), Class membership probabilities, Decision theory, Equiprobable, Fuzzy measure theory, Game theory, Gaming mathematics, Important publications in probability, Information theory, List of scientific journals in probability, List of statistical topics, Measure theory, Negative probability, Probabilistic argumentation, Probabilistic logic, Random fields, Random variable, Stochastic process, Wiener process, etc.
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