For any event that has multiple outcomes with different probabilities, it can be helpful and illustrative to construct a chart or diagram of the possible outcomes. Tree diagrams are a useful example ...

Two events are independent if the probability of the first event happening has no impact on the probability of the second event happening. If the probability of one event happening affects the ...

To calculate the probability of an event, the total number of possible outcomes is often required. For simple situations, making a list or completing a sample space diagram is enough but in more ...

Introduction Have you ever heard anyone say the chance of something happening is “50–50”? What does that actually mean? This phrase has something to do with probability. Probability tells you how ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Thomas J Catalano is a CFP and Registered ...