**Intro to Probability**

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Summary

The introduction to probability within the GMAT prep context lays the foundational understanding necessary for tackling probability questions, emphasizing the concept's nature, its mathematical definition, and the significance of randomness in probability calculations.

- Probability is fundamentally a ratio or fraction, representing the number of successful outcomes over the total number of possible outcomes.
- The value of a probability ranges between 0 and 1, where 0 indicates impossibility and 1 indicates certainty of an event occurring.
- Real-world probabilities usually fall between 0 and 1, reflecting the nuanced nature of most events.
- A simple example used to illustrate probability calculation is determining the likelihood of a month name containing the letter 'R', which is 2/3.
- The concept of randomness is crucial in probability, defined by the unpredictability of individual events but predictability of the overall pattern of events.

Chapters

00:00

Understanding Probability Basics

00:20

The Mathematical Definition of Probability

02:04

Illustrating Probability with a Simple Example

03:33

The Significance of Randomness in Probability