Probability of Success (p)

Definition

The probability of success (p) is the likelihood of a specific outcome occurring in a given situation or experiment.

Analogy

Think of the probability of success as the chance of winning a game. If you have a high probability of success, it's like having a high chance of winning the game. On the other hand, if you have a low probability of success, it's like having a low chance of winning.

Related terms

Binomial Settings: Binomial settings are situations or experiments that involve only two possible outcomes - success or failure. For example, flipping a coin or conducting surveys with yes/no questions.

Binomial Probability: Binomial probability refers to the likelihood or chance that a specific number of successes will occur in a given number of trials in binomial settings.

Complement Rule: The complement rule states that the probability of an event not happening is equal to 1 minus the probability that it does happen. It helps us find probabilities when we know the probability of an event occurring.