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We ask ourselves questions like “What is the chance of success?” and “What is the probability that we fail?” to determine whether the risk is worth taking. Many CEOs need to make huge decisions when investing in their research and development departments or contemplating buyouts or mergers. By using probability and statistical data, they can predict how likely each outcome is and make the right call for their firm. Some of you might be wondering: “What is this probability we are talking about?”. Essentially, probability is the chance of something happening. A more academic definition for this would be “the likelihood of an event occurring”. The word event has a specific meaning when talking about probabilities. Simply put, an event is a specific outcome or a combination of several outcomes. These outcomes can be pretty much anything getting Heads when flipping a coin, rolling a 4 on a sixsided die or running a mile in under 6 minutes.

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