Equally Likely Outcomes

Equally likely outcomes refer to different possible results of an event that have the same chance of happening. For example, when flipping a fair coin, landing on heads or tails are equally likely outcomes because each has a 50% chance. This concept is important in probability because it helps us assume that each outcome in a set of possible results has an equal probability of occurring, simplifying the calculations and understanding of random events. It applies to situations where no outcome is favored over another, ensuring fairness and balance in probability assessments.