User FAQs

1) What is Probability ?
The probability of something happening is the likelihood or chance of it happening.
A probability of 1 means an event is certain to happen.
A probability of 0 means an event is certain not to happen.
All other probabilities are given as a fraction between 0 and 1.

2) What is Probability Theory ?
This is the part of mathematics that studies random events and uncertainty.

3) What does Stochastic mean ?
Stochastic means random or linked to a random probability.
Future events or outcomes cannot be predicted with total certainty, but their overall behaviour is defined by a set of probabilities.

4) What does Less Than Even Chance mean ?
If there is less than an even chance of an event occurring, we say it is unlikely to happen.
In a similar way, if the chance of an event happening is greater than an even chance, we say it is likely to happen.

5) What does the term Even Chance mean ?
This is 50:50, 1/2 or 50%

6) What does the term Fat Chance mean ?
There is very little change, or a very low probability.

7) What are the different possible outcomes ?
(A) impossible,
(B) unlikely,
(C) equally likely for it to happen or not happen,
(D) likely
(E) certain