•Probability is the
expectancy of frequency with which
an event will occur in a specific number of trials
•Determined
by
–Actuarial
methods ( using historical data)
–Experimental
methods (test and count failures)
–Predictive models ( usually based on similarity to known systems )
•Heads/Tails 100K
trials 50K heads.. Next flip 50/50..
Individual event is could be any outcome