If a sportscaster makes an educated guess as to how well a team will do this season, he is using subjective type of probability.
The area of mathematics known as probability deals with numerical representations of the likelihood that an event will occur or that a statement is true.
An event's probability is a number between 0 and 1, where, roughly speaking, 0 denotes the event's impossibility and 1 denotes certainty.
The likelihood that an event will occur increases with its probability. A straightforward illustration is tossing a fair (impartial) coin. Since there are no other conceivable outcomes and the coin is fair, the odds of both the possibilities, "heads" and "tails," are equally likely to occur.
As a result, the probability of either occurrence is half.
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