Probability is a mathematical measure of the likelihood or chance that a particular event will occur. It provides a systematic way of dealing with uncertainty by assigning numerical values between 0 and 1 to possible outcomes. A probability of 0 indicates that an event is impossible, while a probability of 1 indicates certainty. Values between 0 and 1 represent different degrees of likelihood. Probability can be expressed as a fraction, decimal, or percentage. In quantitative analysis, probability is used to analyse situations where outcomes cannot be predicted with complete certainty. An experiment or situation may have several possible outcomes, and the collection of all possible outcomes is called the sample space. An event is a particular outcome or group of outcomes of interest. For example, if a business is considering whether demand for a new product will be high, medium, or low, these outcomes constitute possible states of demand. Probabilities can be assigned to each state based on historical data, market research, expert opinion, or statistical analysis. Probability may be classified into classical, empirical, and subjective probability. Classical probability is based on equally likely outcomes, such as the probability of obtaining a particular number when rolling a fair die. Empirical probability is based on observed or historical frequency. For example, a company may