Theories of chance

Theories of chance explore how likelihood and randomness affect events. Key concepts include probability, which measures the chances of an event happening, and statistics, which helps analyze and interpret data related to these events. For instance, flipping a coin has two possible outcomes: heads or tails, making each equally likely at 50%. These theories help us understand uncertain situations, from everyday decisions to scientific experiments, by providing a framework to assess risks, make predictions, and draw conclusions based on patterns and past occurrences.