Probability Measures

Probability measures are mathematical tools that help us understand uncertainty and make predictions about random events. They assign a numerical value between 0 and 1 to each possible outcome of an event, where 0 means the event cannot happen and 1 means it is certain to happen. For example, if you flip a coin, the probability measure indicates that there's a 0.5 chance for heads and a 0.5 chance for tails. This framework allows us to analyze situations in various fields, such as finance, science, and everyday decision-making, helping us assess risks and make informed choices.