Probability Axioms
Probability and statistics are based on a handful of fundamental axioms:
FOR ANY OUTCOME A, THE PROBABILITY OF A OCCURRING IS 0 ≫ P(A) ≫ 1
In the language of probability and statistics, P(X) means “the probability of X occurring.” X can either be a single outcome, such as the toss of a coin coming up heads, or it could be a set of possible outcomes, such as rolling a die and coming up with any even number. For any given outcome, A, if that outcome is impossible then P(A) = 0; its probability is 0. When rolling a standard die, which has sides labeled 1 through 6, the probability of rolling 7 is 0 because 7 isn't in the set of possible outcomes. If the outcome is at least possible, its probability has to be greater than 0. A ...
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