The probability of an event \(E\), denoted by \(P(E)\), is a value between 0 and 1 that represents the chance or likelihood of that event occurring.
- The probability of an impossible event is \(0\) or \(0\pourcent\).
- The probability of a certain event is \(1\) or \(100\pourcent\).
- The probability of any event is between \(0\) and \(1\), inclusive.
We can express probabilities using fractions, decimals, or percentages. For example, the probability of an event with a 50-50 chance can be written as \(\frac{1}{2}\), \(0.5\), or \(50\pourcent\).
We can visualize probabilities on a number line:

The main goal of probability theory is to develop tools and techniques to calculate the probabilities of different events. Probability theory is built upon a set of axioms that form its foundation. Let us state and explain these axioms.